First Trust Intermediate Duration Preferred & Income Fund (NYSE:FPF) Sees Significant Increase in Short Interest

First Trust Intermediate Duration Preferred & Income Fund (NYSE:FPF) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 106,186 shares, an increase of 109.9% from the August 15th total of 50,585 shares. Based on an average trading volume of 89,382 shares, the days-to-cover ratio is currently 1.2 days.

First Trust Intermediate Duration Preferred & Income Fund Trading Down 0.9%

NYSE FPF traded down $0.15 on Tuesday, reaching $16.74. The company had a trading volume of 518,170 shares, compared to its average volume of 109,645. First Trust Intermediate Duration Preferred & Income Fund has a 52 week low of $16.45 and a 52 week high of $19.75. The stock’s 50 day moving average is $17.72 and its 200-day moving average is $18.00.

First Trust Intermediate Duration Preferred & Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.1375 per share. This represents a c) annualized dividend and a yield of 9.9%. The ex-dividend date of this dividend is Tuesday, September 1st.

Hedge Funds Weigh In On First Trust Intermediate Duration Preferred & Income Fund

Several institutional investors and hedge funds have recently modified their holdings of the business. Main Street Group LTD bought a new position in First Trust Intermediate Duration Preferred & Income Fund during the 1st quarter worth about $26,000. Ascentis Independent Advisors acquired a new position in First Trust Intermediate Duration Preferred & Income Fund during the 1st quarter worth approximately $34,000. Allworth Financial LP acquired a new stake in shares of First Trust Intermediate Duration Preferred & Income Fund in the second quarter valued at approximately $47,000. Northwestern Mutual Wealth Management Co. acquired a new position in First Trust Intermediate Duration Preferred & Income Fund during the second quarter worth $48,000. Finally, Allied Private Wealth LLC acquired a new stake in First Trust Intermediate Duration Preferred & Income Fund in the 2nd quarter valued at $60,000.

About First Trust Intermediate Duration Preferred & Income Fund

First Trust Intermediate Duration Preferred & Income Fund (NYSE: FPF) is a diversified closed-end management investment company that seeks to provide a high level of current income, with a secondary objective of capital appreciation. Listed on the New York Stock Exchange, the fund aims to deliver a consistent distribution by investing primarily in intermediate-duration preferred securities issued by U.S. and foreign corporations, financial institutions and utilities.

The fund’s portfolio is composed predominantly of fixed- and floating-rate preferred stocks, with at least 80% of its total assets invested in such securities.