Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) Shares Down 0.8% – Here’s What Happened

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO)’s stock price traded down 0.8% during trading on Friday . The company traded as low as $9.07 and last traded at $9.08. 56,545 shares traded hands during trading, an increase of 61% from the average session volume of 35,023 shares. The stock had previously closed at $9.15.

Flaherty & Crumrine Preferred and Income Fund Stock Performance

The business has a 50 day simple moving average of $9.19 and a 200 day simple moving average of $9.42.

Flaherty & Crumrine Preferred and Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 24th will be paid a $0.0556 dividend. This represents a c) annualized dividend and a dividend yield of 7.3%. The ex-dividend date is Friday, July 24th.

Institutional Trading of Flaherty & Crumrine Preferred and Income Fund

Several hedge funds have recently modified their holdings of the stock. Sit Investment Associates Inc. raised its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 5.9% in the fourth quarter. Sit Investment Associates Inc. now owns 1,328,546 shares of the company’s stock valued at $12,555,000 after acquiring an additional 73,704 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new stake in shares of Flaherty & Crumrine Preferred and Income Fund in the third quarter valued at $5,738,000. Pathstone Holdings LLC acquired a new stake in shares of Flaherty & Crumrine Preferred and Income Fund in the third quarter valued at $3,073,000. Advisors Asset Management Inc. raised its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 228.6% in the fourth quarter. Advisors Asset Management Inc. now owns 309,687 shares of the company’s stock valued at $2,927,000 after acquiring an additional 215,441 shares in the last quarter. Finally, 1607 Capital Partners LLC raised its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 32.5% in the fourth quarter. 1607 Capital Partners LLC now owns 263,244 shares of the company’s stock valued at $2,488,000 after acquiring an additional 64,634 shares in the last quarter. 12.90% of the stock is currently owned by institutional investors and hedge funds.

Flaherty & Crumrine Preferred and Income Fund Company Profile

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.