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

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) saw a significant increase in short interest during the month of September. As of September 15th, there was short interest totaling 53,204 shares, an increase of 225.4% from the August 31st total of 16,350 shares. Currently, 0.4% of the shares of the company are short sold. Based on an average daily volume of 21,556 shares, the days-to-cover ratio is presently 2.5 days.

Flaherty & Crumrine Preferred and Income Fund Stock Down 0.8%

Shares of PFO traded down $0.07 during midday trading on Friday, reaching $8.68. 64,203 shares of the stock were exchanged, compared to its average volume of 22,762. Flaherty & Crumrine Preferred and Income Fund has a twelve month low of $8.65 and a twelve month high of $9.88. The business’s 50-day moving average price is $9.02 and its 200 day moving average price is $9.12.

Flaherty & Crumrine Preferred and Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 23rd will be paid a dividend of $0.0567 per share. This represents a $0.68 dividend on an annualized basis and a yield of 7.8%. The ex-dividend date is Friday, October 23rd.

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

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rivernorth Capital Management LLC boosted its holdings in shares of Flaherty & Crumrine Preferred and Income Fund by 7.1% in the second quarter. Rivernorth Capital Management LLC now owns 22,537 shares of the company’s stock valued at $208,000 after acquiring an additional 1,494 shares during the period. Noble Wealth Management PBC boosted its stake in Flaherty & Crumrine Preferred and Income Fund by 3.0% during the 2nd quarter. Noble Wealth Management PBC now owns 100,360 shares of the company’s stock worth $927,000 after purchasing an additional 2,911 shares during the period. Sit Investment Associates Inc. boosted its stake in Flaherty & Crumrine Preferred and Income Fund by 5.9% during the 4th quarter. Sit Investment Associates Inc. now owns 1,328,546 shares of the company’s stock worth $12,555,000 after purchasing an additional 73,704 shares during the period. Mustico Financial Group Inc. grew its position in Flaherty & Crumrine Preferred and Income Fund by 6.3% during the 4th quarter. Mustico Financial Group Inc. now owns 81,339 shares of the company’s stock worth $770,000 after purchasing an additional 4,788 shares during the last quarter. Finally, 1607 Capital Partners LLC grew its position in Flaherty & Crumrine Preferred and Income Fund by 32.5% during the 4th quarter. 1607 Capital Partners LLC now owns 263,244 shares of the company’s stock worth $2,488,000 after purchasing an additional 64,634 shares during the last quarter. Hedge funds and other institutional investors own 12.90% of the company’s stock.

About Flaherty & Crumrine Preferred and Income Fund

Flaherty & Crumrine Preferred and Income Fund is a closed-end investment fund listed on the New York Stock Exchange under the symbol PFO. The fund seeks to provide investors with a high level of current income, while pursuing capital appreciation as a secondary objective.

The fund primarily invests in preferred securities and other income-producing securities. Its portfolio may include preferred stocks, hybrid securities, corporate debt and other fixed-income investments issued by companies in sectors such as financial services, utilities and industrials.