Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO – Get Free Report)’s share price traded down 0.7% during mid-day trading on Monday. The company traded as low as $8.46 and last traded at $8.48. 42,856 shares changed hands during mid-day trading, an increase of 25% from the average session volume of 34,218 shares. The stock had previously closed at $8.54.
Flaherty & Crumrine Preferred and Income Fund Price Performance
The stock has a 50-day simple moving average of $8.84 and a 200 day simple moving average of $9.06.
Flaherty & Crumrine Preferred and Income Fund Dividend Announcement
The company also recently declared a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 23rd will be given a dividend of $0.0567 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 8.0%. The ex-dividend date of this dividend is Friday, October 23rd.
Institutional Inflows and Outflows
An institutional investor recently raised its stake in Flaherty & Crumrine Preferred and Income Fund stock. Rivernorth Capital Management LLC raised its holdings in Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO – Free Report) by 7.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,537 shares of the company’s stock after buying an additional 1,494 shares during the period. Rivernorth Capital Management LLC owned 0.17% of Flaherty & Crumrine Preferred and Income Fund worth $208,000 at the end of the most recent reporting period. 12.90% of the stock is currently owned by institutional investors and hedge funds.
About Flaherty & Crumrine Preferred and Income Fund
Flaherty & Crumrine Preferred and Income Fund is a closed-end management investment company listed on the New York Stock Exchange under the symbol PFO. The fund seeks to provide investors with high current income and, as a secondary objective, capital appreciation.
The fund invests primarily in preferred securities and other income-producing investments. Its portfolio may include preferred stocks, hybrid securities, corporate debt and other fixed-income instruments issued by financial institutions, utilities and other companies.
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