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

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) was the target of a significant growth in short interest in September. As of September 15th, there was short interest totaling 20,814 shares, a growth of 1,055.0% from the August 31st total of 1,802 shares. Based on an average daily trading volume, of 30,118 shares, the days-to-cover ratio is presently 0.7 days.

Flaherty & Crumrine Preferred Income Fund Stock Down 0.2%

Flaherty & Crumrine Preferred Income Fund stock traded down $0.02 during trading hours on Thursday, hitting $10.89. The company had a trading volume of 23,290 shares, compared to its average volume of 25,644. Flaherty & Crumrine Preferred Income Fund has a fifty-two week low of $10.84 and a fifty-two week high of $12.13. The firm’s fifty day moving average is $11.27 and its 200-day moving average is $11.39.

Flaherty & Crumrine Preferred Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 23rd will be issued a $0.0703 dividend. The ex-dividend date is Friday, October 23rd. This represents a $0.84 dividend on an annualized basis and a yield of 7.7%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. acquired a new stake in Flaherty & Crumrine Preferred Income Fund in the 2nd quarter worth approximately $43,000. Western Wealth Management LLC acquired a new position in Flaherty & Crumrine Preferred Income Fund during the first quarter valued at approximately $32,000. Allworth Financial LP acquired a new position in Flaherty & Crumrine Preferred Income Fund during the second quarter valued at approximately $40,000. Fifth Third Bancorp bought a new position in shares of Flaherty & Crumrine Preferred Income Fund in the first quarter valued at approximately $98,000. Finally, Beacon Pointe Advisors LLC bought a new position in shares of Flaherty & Crumrine Preferred Income Fund in the second quarter valued at approximately $165,000.

Flaherty & Crumrine Preferred Income Fund Company Profile

Flaherty & Crumrine Preferred Income Fund Incorporated (NYSE: PFD) is a closed-end investment company that seeks to provide a high level of current income, with capital appreciation as a secondary objective. The fund invests primarily in preferred securities and other income-producing investments.

Its portfolio may include preferred stocks, hybrid securities, corporate debt and other securities issued by companies in industries such as financial services, utilities, telecommunications and real estate.