Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Short Interest Up 140.4% in March

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 25,000 shares, an increase of 140.4% from the February 28th total of 10,400 shares. Based on an average trading volume of 27,800 shares, the short-interest ratio is presently 0.9 days.

Flaherty & Crumrine Preferred Income Fund Price Performance

NYSE:PFD traded down $0.03 during trading hours on Friday, hitting $11.21. 13,586 shares of the stock traded hands, compared to its average volume of 32,166. The stock has a 50 day moving average price of $11.29 and a 200 day moving average price of $11.45. Flaherty & Crumrine Preferred Income Fund has a 1 year low of $9.80 and a 1 year high of $12.08.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 23rd will be paid a $0.061 dividend. This represents a $0.73 dividend on an annualized basis and a dividend yield of 6.53%. The ex-dividend date of this dividend is Wednesday, April 23rd.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UMB Bank n.a. purchased a new position in shares of Flaherty & Crumrine Preferred Income Fund in the fourth quarter worth $971,000. McClarren Financial Advisors Inc. bought a new stake in Flaherty & Crumrine Preferred Income Fund in the 4th quarter valued at $39,000. Pathway Financial Advisers LLC lifted its stake in Flaherty & Crumrine Preferred Income Fund by 88.6% in the 4th quarter. Pathway Financial Advisers LLC now owns 6,332 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 2,974 shares in the last quarter. Noble Wealth Management PBC bought a new position in shares of Flaherty & Crumrine Preferred Income Fund during the 4th quarter valued at about $31,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Flaherty & Crumrine Preferred Income Fund during the fourth quarter valued at about $2,036,000.

About Flaherty & Crumrine Preferred Income Fund

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.