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

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 25,000 shares, a growth of 140.4% from the February 28th total of 10,400 shares. Based on an average daily volume of 27,800 shares, the short-interest ratio is currently 0.9 days.

Institutional Investors Weigh In On Flaherty & Crumrine Preferred Income Fund

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in Flaherty & Crumrine Preferred Income Fund in the fourth quarter worth about $2,036,000. UMB Bank n.a. bought a new position in shares of Flaherty & Crumrine Preferred Income Fund in the 4th quarter valued at about $971,000. Lido Advisors LLC acquired a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the 4th quarter worth approximately $796,000. Cary Street Partners Financial LLC bought a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the fourth quarter worth approximately $444,000. Finally, Sit Investment Associates Inc. lifted its holdings in Flaherty & Crumrine Preferred Income Fund by 11.9% in the fourth quarter. Sit Investment Associates Inc. now owns 354,898 shares of the real estate investment trust’s stock valued at $3,989,000 after buying an additional 37,822 shares during the period.

Flaherty & Crumrine Preferred Income Fund Price Performance

PFD opened at $11.21 on Friday. The company’s 50 day simple moving average is $11.29 and its 200-day simple moving average is $11.45. Flaherty & Crumrine Preferred Income Fund has a one year low of $9.80 and a one year high of $12.08.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 23rd will be paid a $0.061 dividend. The ex-dividend date of this dividend is Wednesday, April 23rd. This represents a $0.73 annualized dividend and a dividend yield of 6.53%.

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.