Flaherty & Crumrine Preferred Income Fund (NYSE:PFD) Shares Cross Below 200-Day Moving Average – What’s Next?

Shares of Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $11.34 and traded as low as $10.46. Flaherty & Crumrine Preferred Income Fund shares last traded at $10.5280, with a volume of 40,341 shares trading hands.

Flaherty & Crumrine Preferred Income Fund Stock Performance

The business’s 50 day simple moving average is $11.11 and its 200-day simple moving average is $11.33.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 23rd will be issued a dividend of $0.0703 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 8.0%. The ex-dividend date of this dividend is Friday, October 23rd.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PFD. Sit Investment Associates Inc. raised its holdings in shares of Flaherty & Crumrine Preferred Income Fund by 8.5% during the 4th quarter. Sit Investment Associates Inc. now owns 1,176,356 shares of the real estate investment trust’s stock worth $13,963,000 after buying an additional 91,962 shares in the last quarter. Bank of America Corp DE acquired a new stake in Flaherty & Crumrine Preferred Income Fund in the second quarter valued at about $5,951,000. Fiduciary Financial Advisors acquired a new stake in Flaherty & Crumrine Preferred Income Fund in the second quarter valued at about $720,000. Csenge Advisory Group bought a new position in Flaherty & Crumrine Preferred Income Fund in the second quarter valued at about $5,243,000. Finally, Bard Associates Inc. bought a new position in Flaherty & Crumrine Preferred Income Fund in the second quarter valued at about $19,989,000.

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.