Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) Sees Significant Decline in Short Interest
by Doug Wharley · The Cerbat GemFlaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO – Get Free Report) saw a significant decrease in short interest in the month of April. As of April 15th, there was short interest totaling 5,907 shares, a decrease of 84.3% from the March 31st total of 37,723 shares. Approximately 0.0% of the company’s stock are sold short. Based on an average daily volume of 18,568 shares, the short-interest ratio is currently 0.3 days.
Institutional Investors Weigh In On Flaherty & Crumrine Preferred and Income Fund
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PFO. Invesco Ltd. grew its stake in Flaherty & Crumrine Preferred and Income Fund by 17.1% in the second quarter. Invesco Ltd. now owns 43,592 shares of the company’s stock worth $403,000 after purchasing an additional 6,372 shares during the period. Baird Financial Group Inc. grew its stake in Flaherty & Crumrine Preferred and Income Fund by 37.4% in the second quarter. Baird Financial Group Inc. now owns 42,878 shares of the company’s stock worth $397,000 after purchasing an additional 11,682 shares during the period. NewEdge Advisors LLC grew its stake in Flaherty & Crumrine Preferred and Income Fund by 9.5% in the second quarter. NewEdge Advisors LLC now owns 31,081 shares of the company’s stock worth $287,000 after purchasing an additional 2,709 shares during the period. Raymond James Financial Inc. purchased a new stake in Flaherty & Crumrine Preferred and Income Fund in the second quarter worth $49,000. Finally, D.A. Davidson & CO. grew its stake in Flaherty & Crumrine Preferred and Income Fund by 14.0% in the third quarter. D.A. Davidson & CO. now owns 88,015 shares of the company’s stock worth $858,000 after purchasing an additional 10,787 shares during the period. 12.90% of the stock is owned by hedge funds and other institutional investors.
Flaherty & Crumrine Preferred and Income Fund Price Performance
PFO stock traded up $0.01 during midday trading on Friday, hitting $9.30. The stock had a trading volume of 24,860 shares, compared to its average volume of 25,437. The business has a 50-day moving average of $9.29 and a two-hundred day moving average of $9.47. Flaherty & Crumrine Preferred and Income Fund has a 52-week low of $8.01 and a 52-week high of $9.90.
Flaherty & Crumrine Preferred and Income Fund Announces Dividend
The company also recently declared a monthly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 24th will be paid a $0.0556 dividend. This represents a c) annualized dividend and a yield of 7.2%. The ex-dividend date of this dividend is Friday, July 24th.
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.