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

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) saw a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 10,400 shares, a decline of 32.5% from the January 15th total of 15,400 shares. Based on an average trading volume of 29,000 shares, the days-to-cover ratio is currently 0.4 days.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred Income Fund

A number of hedge funds have recently bought and sold shares of PFD. McClarren Financial Advisors Inc. bought a new stake in Flaherty & Crumrine Preferred Income Fund during the fourth quarter valued at $39,000. Pathway Financial Advisers LLC boosted its position in shares of Flaherty & Crumrine Preferred Income Fund by 88.6% during the 4th quarter. Pathway Financial Advisers LLC now owns 6,332 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 2,974 shares in the last quarter. UMB Bank n.a. acquired a new stake in Flaherty & Crumrine Preferred Income Fund during the fourth quarter worth approximately $971,000. Ellis Investment Partners LLC bought a new stake in Flaherty & Crumrine Preferred Income Fund in the third quarter worth approximately $125,000. Finally, Stifel Financial Corp acquired a new position in Flaherty & Crumrine Preferred Income Fund in the fourth quarter valued at approximately $307,000.

Flaherty & Crumrine Preferred Income Fund Stock Performance

PFD stock traded up $0.05 during trading on Friday, hitting $11.44. The company had a trading volume of 17,422 shares, compared to its average volume of 26,654. The business has a 50-day moving average of $11.30 and a 200-day moving average of $11.43. 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 disclosed 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. This represents a $0.73 dividend on an annualized basis and a dividend yield of 6.40%. The ex-dividend date is Wednesday, April 23rd.

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.