Flaherty & Crumrine Preferred Income Fund (NYSE:PFD) Stock Crosses Below 200-Day Moving Average of $11.19

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD – Get Rating)’s stock price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $11.19 and traded as low as $9.53. Flaherty & Crumrine Preferred Income Fund shares last traded at $9.59, with a volume of 25,263 shares.

Flaherty & Crumrine Preferred Income Fund Trading Up 0.8 %

The company has a 50 day simple moving average of $10.25 and a 200 day simple moving average of $11.18.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, July 31st. Shareholders of record on Monday, July 24th will be paid a dividend of $0.0575 per share. The ex-dividend date of this dividend is Friday, July 21st. This represents a $0.69 annualized dividend and a yield of 7.14%.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. grew its holdings in Flaherty & Crumrine Preferred Income Fund by 109.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,329 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 1,219 shares in the last quarter. IFP Advisors Inc purchased a new stake in Flaherty & Crumrine Preferred Income Fund in the 1st quarter valued at $27,000. Wolverine Asset Management LLC purchased a new stake in Flaherty & Crumrine Preferred Income Fund in the 3rd quarter valued at $42,000. Captrust Financial Advisors purchased a new stake in Flaherty & Crumrine Preferred Income Fund in the 2nd quarter valued at $55,000. Finally, Creative Planning purchased a new stake in Flaherty & Crumrine Preferred Income Fund in the 3rd quarter valued at $107,000.

About Flaherty & Crumrine Preferred Income Fund

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Flaherty & Crumrine Preferred Income Fund Inc is a closed ended equity mutual fund launched and managed by Flaherty & Crumrine Incorporated. The fund invests in the public equity markets of the United States. It invests in the stocks of companies operating in the financials sector. The fund primarily invests in preferred securities.