Flaherty & Crumrine Preferred Income Fund (NYSE:PFD) Stock Passes Above 50-Day Moving Average – Here’s Why

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) shares passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $11.41 and traded as high as $11.46. Flaherty & Crumrine Preferred Income Fund shares last traded at $11.40, with a volume of 28,894 shares trading hands.

Flaherty & Crumrine Preferred Income Fund Price Performance

The company has a 50-day simple moving average of $11.41 and a 200-day simple moving average of $11.68.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 24th will be given a $0.0689 dividend. The ex-dividend date is Friday, July 24th. This represents a c) annualized dividend and a yield of 7.3%.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred Income Fund

Institutional investors have recently bought and sold shares of the business. Western Wealth Management LLC bought a new position in Flaherty & Crumrine Preferred Income Fund in the 1st quarter valued at $32,000. Fifth Third Bancorp bought a new position in Flaherty & Crumrine Preferred Income Fund in the 1st quarter valued at $98,000. Kestra Advisory Services LLC bought a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the first quarter worth $128,000. Capital Investment Advisors LLC bought a new stake in shares of Flaherty & Crumrine Preferred Income Fund during the fourth quarter worth $149,000. Finally, Cary Street Partners Financial LLC raised its position in shares of Flaherty & Crumrine Preferred Income Fund by 58.1% during the fourth quarter. Cary Street Partners Financial LLC now owns 23,135 shares of the real estate investment trust’s stock worth $275,000 after acquiring an additional 8,500 shares during the last quarter.

About Flaherty & Crumrine Preferred Income Fund

Flaherty & Crumrine Preferred Income Fund (NYSE: PFD) is a closed-end management investment company that seeks to provide shareholders with a high level of current income by investing primarily in preferred securities. The fund’s portfolio typically includes both U.S. and global preferred stocks, hybrid capital instruments and other fixed-income securities that pay fixed or adjustable dividends. It may also invest in investment-grade and below-investment-grade issues to capture yield opportunities across credit quality tiers.

Since its inception in 2006, PFD has aimed to deliver attractive after-tax total returns by actively managing interest-rate and credit-risk exposure.