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

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 35,179 shares, an increase of 69.0% from the September 15th total of 20,814 shares. Based on an average trading volume of 47,581 shares, the days-to-cover ratio is currently 0.7 days.

Flaherty & Crumrine Preferred Income Fund Stock Performance

Shares of NYSE PFD traded up $0.05 during mid-day trading on Thursday, reaching $10.50. The company’s stock had a trading volume of 35,750 shares, compared to its average volume of 26,467. The stock has a fifty day moving average of $11.05 and a two-hundred day moving average of $11.32. Flaherty & Crumrine Preferred Income Fund has a 52 week low of $10.43 and a 52 week high of $12.10.

Flaherty & Crumrine Preferred Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 23rd will be paid a dividend of $0.0703 per share. This represents a $0.84 annualized dividend and a yield of 8.0%. The ex-dividend date of this dividend is Friday, October 23rd.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. CoreCap Advisors LLC boosted its stake in Flaherty & Crumrine Preferred Income Fund by 130.0% in the 3rd quarter. CoreCap Advisors LLC now owns 2,300 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 1,300 shares during the period. Noble Wealth Management PBC raised its position in shares of Flaherty & Crumrine Preferred Income Fund by 31.8% during the third quarter. Noble Wealth Management PBC now owns 9,430 shares of the real estate investment trust’s stock valued at $102,000 after buying an additional 2,273 shares during the last quarter. Citadel Advisors LLC bought a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the second quarter valued at approximately $194,000. Beacon Pointe Advisors LLC bought a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the second quarter valued at approximately $165,000. Finally, 49 Wealth Management LLC purchased a new position in shares of Flaherty & Crumrine Preferred Income Fund in the second quarter worth $188,000.

Flaherty & Crumrine Preferred Income Fund Company Profile

Flaherty & Crumrine Preferred Income Fund (NYSE: PFD) is a closed-end investment fund managed by Flaherty & Crumrine Incorporated. The fund seeks to provide investors with high current income and, to a lesser extent, opportunities for capital appreciation.

The fund invests primarily in preferred securities issued by financial institutions, utilities, telecommunications companies and other corporations. Its portfolio may also include other income-producing securities, such as hybrid securities, corporate debt and convertible securities.