Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Increases Dividend to $0.07 Per Share

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) announced a monthly dividend on Thursday, July 23rd. Stockholders of record on Monday, August 24th will be given a dividend of 0.0703 per share by the real estate investment trust on Monday, August 31st. This represents a c) dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date of this dividend is Monday, August 24th. This is a 2.0% increase from Flaherty & Crumrine Preferred Income Fund’s previous monthly dividend of $0.07.

Flaherty & Crumrine Preferred Income Fund Stock Performance

Flaherty & Crumrine Preferred Income Fund stock opened at $11.39 on Friday. The firm has a 50-day moving average of $11.49 and a 200-day moving average of $11.60. Flaherty & Crumrine Preferred Income Fund has a one year low of $10.98 and a one year high of $12.16.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Sit Investment Associates Inc. raised its stake in shares of 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 worth $13,963,000 after purchasing an additional 91,962 shares in the last quarter. Fiera Capital Corp boosted 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 valued at $2,135,000 after buying an additional 80,344 shares during the last quarter. Fifth Third Bancorp bought a new position in shares of Flaherty & Crumrine Preferred Income Fund in the first quarter valued at $98,000. Kestra Advisory Services LLC acquired a new position in Flaherty & Crumrine Preferred Income Fund during the first quarter worth $128,000. Finally, 1607 Capital Partners LLC raised its position in Flaherty & Crumrine Preferred Income Fund by 56.4% during the fourth quarter. 1607 Capital Partners LLC now owns 56,600 shares of the real estate investment trust’s stock worth $672,000 after acquiring an additional 20,400 shares in the last quarter.

Flaherty & Crumrine Preferred Income Fund Company Profile

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.