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

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) saw a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 9,300 shares, a drop of 44.6% from the October 31st total of 16,800 shares. Based on an average trading volume of 35,400 shares, the short-interest ratio is currently 0.3 days.

Flaherty & Crumrine Preferred Income Fund Trading Up 0.8 %

NYSE:PFD traded up $0.09 during mid-day trading on Thursday, hitting $11.28. 10,783 shares of the company’s stock were exchanged, compared to its average volume of 33,770. Flaherty & Crumrine Preferred Income Fund has a one year low of $9.42 and a one year high of $12.08. The business has a fifty day moving average price of $11.67 and a 200 day moving average price of $11.09.

Flaherty & Crumrine Preferred Income Fund Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, November 29th. Investors of record on Thursday, November 21st will be given a dividend of $0.061 per share. This represents a $0.73 dividend on an annualized basis and a yield of 6.49%. The ex-dividend date of this dividend is Thursday, November 21st. This is a positive change from Flaherty & Crumrine Preferred Income Fund’s previous monthly dividend of $0.06.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PFD. Matisse Capital increased its holdings in shares of Flaherty & Crumrine Preferred Income Fund by 564.1% during the second quarter. Matisse Capital now owns 140,368 shares of the real estate investment trust’s stock valued at $1,465,000 after acquiring an additional 119,230 shares in the last quarter. Private Wealth Strategies L.L.C. grew its position in Flaherty & Crumrine Preferred Income Fund by 1.7% during the 2nd quarter. Private Wealth Strategies L.L.C. now owns 68,628 shares of the real estate investment trust’s stock valued at $716,000 after purchasing an additional 1,139 shares during the last quarter. Pathway Financial Advisors LLC bought a new stake in Flaherty & Crumrine Preferred Income Fund during the 2nd quarter valued at about $248,000. First National Trust Co purchased a new position in Flaherty & Crumrine Preferred Income Fund in the second quarter worth about $110,000. Finally, Ellis Investment Partners LLC purchased a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the third quarter valued at approximately $125,000.

About Flaherty & Crumrine Preferred Income Fund

Flaherty & Crumrine Preferred Income Fund Inc is a closed ended equity mutual fund launched and managed by Flaherty & Crumrine Incorporated. The fund invests in the public equity markets of the United States. It invests in the stocks of companies operating in the financials sector. The fund primarily invests in preferred securities.