First Trust Intermediate Duration Preferred & Income Fund (NYSE:FPF) Share Price Passes Above Fifty Day Moving Average – Here’s Why

First Trust Intermediate Duration Preferred & Income Fund (NYSE:FPF) shares crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $18.30 and traded as high as $18.49. First Trust Intermediate Duration Preferred & Income Fund shares last traded at $18.2750, with a volume of 86,753 shares trading hands.

First Trust Intermediate Duration Preferred & Income Fund Trading Down 1.1%

The business has a 50-day moving average of $18.30 and a 200-day moving average of $18.61.

First Trust Intermediate Duration Preferred & Income Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 1st will be given a $0.1375 dividend. The ex-dividend date of this dividend is Friday, May 1st. This represents a c) dividend on an annualized basis and a dividend yield of 9.0%.

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

Several institutional investors and hedge funds have recently added to or reduced their stakes in FPF. Sit Investment Associates Inc. increased its stake in First Trust Intermediate Duration Preferred & Income Fund by 111.6% during the fourth quarter. Sit Investment Associates Inc. now owns 1,215,664 shares of the company’s stock valued at $22,660,000 after acquiring an additional 641,124 shares during the period. Morgan Stanley increased its stake in First Trust Intermediate Duration Preferred & Income Fund by 6.0% during the fourth quarter. Morgan Stanley now owns 9,196,102 shares of the company’s stock valued at $171,415,000 after acquiring an additional 522,557 shares during the period. Peak Planning Group LLC bought a new stake in shares of First Trust Intermediate Duration Preferred & Income Fund in the 4th quarter valued at approximately $7,259,000. Wells Fargo & Company MN grew its stake in shares of First Trust Intermediate Duration Preferred & Income Fund by 13.9% in the 4th quarter. Wells Fargo & Company MN now owns 1,154,534 shares of the company’s stock valued at $21,521,000 after purchasing an additional 141,156 shares during the period. Finally, Invesco Ltd. grew its stake in shares of First Trust Intermediate Duration Preferred & Income Fund by 18.8% in the 4th quarter. Invesco Ltd. now owns 746,621 shares of the company’s stock valued at $13,917,000 after purchasing an additional 118,352 shares during the period.

First Trust Intermediate Duration Preferred & Income Fund Company Profile

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.