Baird Financial Group Inc. Acquires Shares of 31,196 Flaherty & Crumrine Preferred and Income Fund Inc. $PFO

Key Points

• Baird Financial Group Inc. recently acquired a new position in Flaherty & Crumrine Preferred and Income Fund, purchasing 31,196 shares valued at approximately $288,000.
• Approximately 12.90% of Flaherty & Crumrine Preferred and Income Fund's stock is owned by institutional investors and hedge funds, indicating significant interest from larger financial entities.
• The fund declared a monthly dividend of $0.0512 per share, with a dividend yield of 6.4%, scheduled for payment on September 30th to shareholders recorded by September 23rd.

Baird Financial Group Inc. bought a new stake in Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 31,196 shares of the company's stock, valued at approximately $288,000. Baird Financial Group Inc. owned approximately 0.24% of Flaherty & Crumrine Preferred and Income Fund as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the company. Sit Investment Associates Inc. boosted its holdings in Flaherty & Crumrine Preferred and Income Fund by 12.1% in the first quarter. Sit Investment Associates Inc. now owns 608,217 shares of the company's stock valued at $5,608,000 after acquiring an additional 65,415 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in Flaherty & Crumrine Preferred and Income Fund by 14.1% during the first quarter. Envestnet Asset Management Inc. now owns 132,350 shares of the company's stock worth $1,220,000 after buying an additional 16,321 shares during the last quarter. Noble Wealth Management PBC boosted its holdings in Flaherty & Crumrine Preferred and Income Fund by 21.4% during the first quarter. Noble Wealth Management PBC now owns 101,698 shares of the company's stock worth $938,000 after buying an additional 17,938 shares during the last quarter. Invesco Ltd. raised its position in shares of Flaherty & Crumrine Preferred and Income Fund by 195.7% during the first quarter. Invesco Ltd. now owns 37,220 shares of the company's stock worth $343,000 after purchasing an additional 24,633 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Flaherty & Crumrine Preferred and Income Fund by 7.4% during the fourth quarter. Bank of America Corp DE now owns 21,790 shares of the company's stock worth $196,000 after purchasing an additional 1,500 shares during the period. Institutional investors own 12.90% of the company's stock.

Flaherty & Crumrine Preferred and Income Fund Stock Up 0.5%

Flaherty & Crumrine Preferred and Income Fund stock traded up $0.05 during midday trading on Monday, reaching $9.64. The stock had a trading volume of 60,185 shares, compared to its average volume of 36,570. The firm's fifty day simple moving average is $9.30 and its 200-day simple moving average is $9.11. Flaherty & Crumrine Preferred and Income Fund Inc. has a 1-year low of $8.01 and a 1-year high of $9.65.

Flaherty & Crumrine Preferred and Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 23rd will be paid a dividend of $0.0512 per share. This represents a c) annualized dividend and a dividend yield of 6.4%. The ex-dividend date is Tuesday, September 23rd.

Flaherty & Crumrine Preferred and Income Fund Profile

Flaherty & Crumrine Preferred Income Opportunity 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 stocks of companies operating in the financial services sector.