Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) Short Interest Up 498.0% in May

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) was the target of a large increase in short interest during the month of May. As of May 29th, there was short interest totaling 16,157 shares, an increase of 498.0% from the May 14th total of 2,702 shares. Approximately 0.1% of the company’s shares are short sold. Based on an average trading volume of 45,777 shares, the short-interest ratio is currently 0.4 days.

Flaherty & Crumrine Preferred and Income Fund Price Performance

Flaherty & Crumrine Preferred and Income Fund stock traded up $0.02 during trading hours on Wednesday, reaching $9.14. The stock had a trading volume of 12,547 shares, compared to its average volume of 32,049. Flaherty & Crumrine Preferred and Income Fund has a 52 week low of $8.85 and a 52 week high of $9.90. The company has a fifty day simple moving average of $9.18 and a 200-day simple moving average of $9.36.

Flaherty & Crumrine Preferred and Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 24th will be issued a $0.0556 dividend. This represents a c) dividend on an annualized basis and a yield of 7.3%. The ex-dividend date of this dividend is Friday, July 24th.

Institutional Investors Weigh In On Flaherty & Crumrine Preferred and Income Fund

A number of large investors have recently added to or reduced their stakes in the company. Sit Investment Associates Inc. grew its holdings in Flaherty & Crumrine Preferred and Income Fund by 5.9% in the 4th 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. purchased a new position in shares of Flaherty & Crumrine Preferred and Income Fund during the third quarter valued at approximately $5,738,000. Pathstone Holdings LLC purchased a new position in shares of Flaherty & Crumrine Preferred and Income Fund during the third quarter valued at approximately $3,073,000. Advisors Asset Management Inc. increased its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 228.6% during the fourth quarter. Advisors Asset Management Inc. now owns 309,687 shares of the company’s stock valued at $2,927,000 after buying an additional 215,441 shares during the period. Finally, 1607 Capital Partners LLC increased its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 32.5% during the fourth quarter. 1607 Capital Partners LLC now owns 263,244 shares of the company’s stock valued at $2,488,000 after buying an additional 64,634 shares during the period. Institutional investors own 12.90% of the company’s stock.

About Flaherty & Crumrine Preferred and Income Fund

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.