Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Sees Large Decline in Short Interest

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) saw a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 10,400 shares, a drop of 32.5% from the January 15th total of 15,400 shares. Based on an average daily trading volume, of 29,000 shares, the days-to-cover ratio is presently 0.4 days.

Institutional Trading of Flaherty & Crumrine Preferred Income Fund

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Noble Wealth Management PBC purchased a new position in shares of Flaherty & Crumrine Preferred Income Fund during the fourth quarter worth $31,000. McClarren Financial Advisors Inc. acquired a new position in Flaherty & Crumrine Preferred Income Fund during the 4th quarter worth about $39,000. Pathway Financial Advisers LLC boosted its holdings in Flaherty & Crumrine Preferred Income Fund by 88.6% during the 4th quarter. Pathway Financial Advisers LLC now owns 6,332 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 2,974 shares during the period. Ellis Investment Partners LLC acquired a new position in Flaherty & Crumrine Preferred Income Fund in the 3rd quarter valued at about $125,000. Finally, Commonwealth Equity Services LLC increased its stake in Flaherty & Crumrine Preferred Income Fund by 11.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 19,169 shares of the real estate investment trust’s stock worth $215,000 after purchasing an additional 1,919 shares during the period.

Flaherty & Crumrine Preferred Income Fund Price Performance

Shares of PFD traded up $0.05 during trading on Friday, reaching $11.44. 17,422 shares of the company traded hands, compared to its average volume of 26,654. The stock has a 50-day simple moving average of $11.30 and a 200-day simple moving average of $11.43. Flaherty & Crumrine Preferred Income Fund has a twelve month low of $9.80 and a twelve month high of $12.08.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 23rd will be issued a $0.061 dividend. The ex-dividend date is Wednesday, April 23rd. This represents a $0.73 annualized dividend and a yield of 6.40%.

About Flaherty & Crumrine Preferred Income Fund

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.