Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Stock Short Interest Climbs 1,055.0%

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 20,814 shares, an increase of 1,055.0% from the August 31st total of 1,802 shares. Based on an average daily volume of 30,118 shares, the short-interest ratio is presently 0.7 days.

Institutional Trading of Flaherty & Crumrine Preferred Income Fund

Several institutional investors and hedge funds have recently modified their holdings of PFD. Bard Associates Inc. bought a new position in Flaherty & Crumrine Preferred Income Fund in the second quarter worth approximately $19,989,000. Bank of America Corp DE purchased a new position in Flaherty & Crumrine Preferred Income Fund during the 2nd quarter worth $5,951,000. Csenge Advisory Group bought a new stake in Flaherty & Crumrine Preferred Income Fund during the 2nd quarter valued at $5,243,000. Sit Investment Associates Inc. raised its position in 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 valued at $13,963,000 after purchasing an additional 91,962 shares in the last quarter. Finally, Fiera Capital Corp lifted its holdings in shares of Flaherty & Crumrine Preferred Income Fund by 80.8% in the 4th quarter. Fiera Capital Corp now owns 179,838 shares of the real estate investment trust’s stock worth $2,135,000 after buying an additional 80,344 shares during the period.

Flaherty & Crumrine Preferred Income Fund Trading Down 0.5%

PFD stock traded down $0.05 during trading on Friday, hitting $10.85. The company had a trading volume of 50,997 shares, compared to its average volume of 25,782. Flaherty & Crumrine Preferred Income Fund has a 52-week low of $10.81 and a 52-week high of $12.13. The company has a 50 day simple moving average of $11.26 and a 200-day simple moving average of $11.39.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Friday, October 23rd will be paid a $0.0703 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 7.8%. The ex-dividend date is Friday, October 23rd.

About Flaherty & Crumrine Preferred Income Fund

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.