Short Interest in Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Drops By 62.5%

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) saw a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 16,800 shares, a drop of 62.5% from the October 15th total of 44,800 shares. Based on an average daily trading volume, of 34,900 shares, the days-to-cover ratio is presently 0.5 days.

Flaherty & Crumrine Preferred Income Fund Stock Performance

Flaherty & Crumrine Preferred Income Fund stock remained flat at $11.40 during mid-day trading on Wednesday. 31,835 shares of the company’s stock were exchanged, compared to its average volume of 33,792. Flaherty & Crumrine Preferred Income Fund has a twelve month low of $9.42 and a twelve month high of $12.08. The company has a fifty day moving average price of $11.77 and a two-hundred day moving average price of $11.01.

Flaherty & Crumrine Preferred Income Fund Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, November 29th. Investors of record on Thursday, November 21st will be paid a dividend of $0.061 per share. This represents a $0.73 annualized dividend and a yield of 6.42%. The ex-dividend date is Thursday, November 21st. This is a boost from Flaherty & Crumrine Preferred Income Fund’s previous monthly dividend of $0.06.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC purchased a new position in Flaherty & Crumrine Preferred Income Fund in the second quarter valued at $35,000. Pathway Financial Advisers LLC acquired a new stake in Flaherty & Crumrine Preferred Income Fund in the first quarter valued at $40,000. Arrow Financial Corp purchased a new position in shares of Flaherty & Crumrine Preferred Income Fund in the second quarter valued at $40,000. First National Trust Co acquired a new position in shares of Flaherty & Crumrine Preferred Income Fund during the 2nd quarter worth $110,000. Finally, Ellis Investment Partners LLC purchased a new stake in shares of Flaherty & Crumrine Preferred Income Fund in the 3rd quarter worth about $125,000.

Flaherty & Crumrine Preferred Income Fund Company Profile

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.