Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) Sees Significant Decline in Short Interest

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) saw a significant drop in short interest in the month of June. As of June 30th, there was short interest totaling 8,083 shares, a drop of 57.1% from the June 15th total of 18,848 shares. Based on an average trading volume of 16,320 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.1% of the company’s shares are sold short.

Flaherty & Crumrine Preferred and Income Fund Trading Up 0.2%

Shares of NYSE:PFO traded up $0.02 on Tuesday, hitting $9.22. The company had a trading volume of 14,748 shares, compared to its average volume of 29,491. The firm’s 50-day simple moving average is $9.16 and its two-hundred day simple moving average is $9.32. Flaherty & Crumrine Preferred and Income Fund has a 1 year low of $8.85 and a 1 year high of $9.90.

Flaherty & Crumrine Preferred and Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 24th will be issued a $0.0556 dividend. The ex-dividend date is Friday, July 24th. This represents a c) annualized dividend and a yield of 7.2%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Private Advisor Group LLC raised its position in shares of Flaherty & Crumrine Preferred and Income Fund by 0.9% in the 3rd quarter. Private Advisor Group LLC now owns 191,153 shares of the company’s stock worth $1,864,000 after acquiring an additional 1,745 shares in the last quarter. TrueMark Investments LLC raised its holdings in Flaherty & Crumrine Preferred and Income Fund by 2.9% in the fourth quarter. TrueMark Investments LLC now owns 70,697 shares of the company’s stock worth $668,000 after purchasing an additional 1,985 shares in the last quarter. Wells Fargo & Company MN lifted its position in Flaherty & Crumrine Preferred and Income Fund by 6.0% during the fourth quarter. Wells Fargo & Company MN now owns 47,000 shares of the company’s stock valued at $444,000 after buying an additional 2,668 shares during the period. NewEdge Advisors LLC lifted its position in Flaherty & Crumrine Preferred and Income Fund by 9.5% during the second quarter. NewEdge Advisors LLC now owns 31,081 shares of the company’s stock valued at $287,000 after buying an additional 2,709 shares during the period. Finally, Noble Wealth Management PBC increased its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 3.0% in the 2nd quarter. Noble Wealth Management PBC now owns 100,360 shares of the company’s stock worth $927,000 after acquiring an additional 2,911 shares in the last quarter. Hedge funds and other institutional investors own 12.90% of the company’s stock.

About Flaherty & Crumrine Preferred and Income Fund

Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) is a closed-end management investment company designed to provide investors with a high level of current income. The fund focuses its portfolio primarily on preferred and participating securities, including traditional preferred shares, convertible preferred instruments, trust preferred issues and other hybrid securities issued by corporations and financial institutions.

Through broad diversification across industry sectors and geographies, PFO aims to manage credit and interest-rate risk while pursuing attractive yield opportunities.