Flaherty & Crumrine Preferred and Income Fund Inc. to Issue Monthly Dividend of $0.06 (NYSE:PFO)

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) announced a monthly dividend on Thursday, July 23rd. Investors of record on Friday, October 23rd will be paid a dividend of 0.0567 per share on Friday, October 30th. This represents a c) annualized dividend and a yield of 7.5%. The ex-dividend date is Friday, October 23rd.

Flaherty & Crumrine Preferred and Income Fund Stock Down 0.8%

PFO opened at $9.08 on Friday. The firm’s fifty day simple moving average is $9.16 and its two-hundred day simple moving average is $9.30. Flaherty & Crumrine Preferred and Income Fund has a 52-week low of $8.85 and a 52-week high of $9.90.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred and Income Fund

Several hedge funds and other institutional investors have recently made changes to their positions in PFO. Sit Investment Associates Inc. boosted its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 5.9% in the fourth quarter. Sit Investment Associates Inc. now owns 1,328,546 shares of the company’s stock worth $12,555,000 after acquiring an additional 73,704 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in Flaherty & Crumrine Preferred and Income Fund in the 3rd quarter valued at $5,738,000. Pathstone Holdings LLC purchased a new position in Flaherty & Crumrine Preferred and Income Fund in the 3rd quarter valued at $3,073,000. Advisors Asset Management Inc. lifted its holdings in Flaherty & Crumrine Preferred and Income Fund by 228.6% in the 4th quarter. Advisors Asset Management Inc. now owns 309,687 shares of the company’s stock valued at $2,927,000 after purchasing an additional 215,441 shares in the last quarter. Finally, 1607 Capital Partners LLC boosted its stake in Flaherty & Crumrine Preferred and Income Fund by 32.5% during the 4th quarter. 1607 Capital Partners LLC now owns 263,244 shares of the company’s stock worth $2,488,000 after purchasing an additional 64,634 shares during the last quarter. Hedge funds and other institutional investors own 12.90% of the company’s stock.

Flaherty & Crumrine Preferred and Income Fund Company Profile

Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) is a closed-end management investment company designed to provide investors with a high level of current income. The fund focuses its portfolio primarily on preferred and participating securities, including traditional preferred shares, convertible preferred instruments, trust preferred issues and other hybrid securities issued by corporations and financial institutions.

Through broad diversification across industry sectors and geographies, PFO aims to manage credit and interest-rate risk while pursuing attractive yield opportunities.