Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) Sees Large Decrease in Short Interest

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) was the target of a large decrease in short interest in May. As of May 15th, there was short interest totaling 2,702 shares, a decrease of 48.0% from the April 30th total of 5,194 shares. Currently, 0.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 32,256 shares, the short-interest ratio is currently 0.1 days.

Flaherty & Crumrine Preferred and Income Fund Stock Performance

Flaherty & Crumrine Preferred and Income Fund stock traded down $0.03 during trading hours on Monday, reaching $9.17. 36,892 shares of the company’s stock traded hands, compared to its average volume of 32,324. Flaherty & Crumrine Preferred and Income Fund has a fifty-two week low of $8.01 and a fifty-two week high of $9.90. The firm’s 50 day moving average is $9.17 and its 200-day moving average is $9.38.

Flaherty & Crumrine Preferred and Income Fund Dividend Announcement

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PFO. Webster Bank N. A. acquired a new position in Flaherty & Crumrine Preferred and Income Fund during the 4th quarter valued at about $28,000. Raymond James Financial Inc. acquired a new position in Flaherty & Crumrine Preferred and Income Fund during the 2nd quarter valued at about $49,000. AlphaCore Capital LLC acquired a new position in Flaherty & Crumrine Preferred and Income Fund during the 4th quarter valued at about $127,000. Guggenheim Capital LLC acquired a new position in Flaherty & Crumrine Preferred and Income Fund during the 4th quarter valued at about $232,000. Finally, NewEdge Advisors LLC lifted its position in Flaherty & Crumrine Preferred and Income Fund by 9.5% during the 2nd quarter. NewEdge Advisors LLC now owns 31,081 shares of the company’s stock valued at $287,000 after purchasing an additional 2,709 shares during the period. 12.90% of the stock is currently owned by institutional investors and hedge funds.

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.