Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Shares Shorted: Short Interest Up 69.0% in September

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) saw a significant growth in short interest during the month of September. As of September 30th, there was short interest totaling 35,179 shares, a growth of 69.0% from the September 15th total of 20,814 shares. Based on an average daily trading volume, of 47,581 shares, the short-interest ratio is presently 0.7 days.

Flaherty & Crumrine Preferred Income Fund Stock Down 0.2%

Shares of PFD traded down $0.03 during midday trading on Friday, reaching $10.49. The company had a trading volume of 13,720 shares, compared to its average volume of 26,445. Flaherty & Crumrine Preferred Income Fund has a 1-year low of $10.43 and a 1-year high of $12.10. The firm has a 50 day simple moving average of $11.02 and a 200-day simple moving average of $11.31.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

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

Hedge Funds Weigh In On Flaherty & Crumrine Preferred Income Fund

Several institutional investors and hedge funds have recently bought and sold shares of the company. CoreCap Advisors LLC grew its stake in shares of Flaherty & Crumrine Preferred Income Fund by 130.0% in the 3rd quarter. CoreCap Advisors LLC now owns 2,300 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 1,300 shares during the period. Noble Wealth Management PBC increased its holdings in shares of Flaherty & Crumrine Preferred Income Fund by 31.8% during the 3rd quarter. Noble Wealth Management PBC now owns 9,430 shares of the real estate investment trust’s stock worth $102,000 after buying an additional 2,273 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in Flaherty & Crumrine Preferred Income Fund in the second quarter worth approximately $43,000. Western Wealth Management LLC purchased a new position in Flaherty & Crumrine Preferred Income Fund in the first quarter worth approximately $32,000. Finally, Allworth Financial LP purchased a new position in Flaherty & Crumrine Preferred Income Fund in the second quarter worth approximately $40,000.

Flaherty & Crumrine Preferred Income Fund Company Profile

Flaherty & Crumrine Preferred Income Fund (NYSE: PFD) is a closed-end investment fund managed by Flaherty & Crumrine Incorporated. The fund seeks to provide investors with high current income and, to a lesser extent, opportunities for capital appreciation.

The fund invests primarily in preferred securities issued by financial institutions, utilities, telecommunications companies and other corporations. Its portfolio may also include other income-producing securities, such as hybrid securities, corporate debt and convertible securities.