Flaherty & Crumrine Preferred and Income Fund Inc. $PFO Shares Sold by Thomas J. Herzfeld Advisors Inc.

Key Points

• Thomas J. Herzfeld Advisors Inc. significantly reduced its holdings in Flaherty & Crumrine Preferred and Income Fund Inc. by 92.8%, now owning only 2,865 shares worth $26,000.
• Multiple institutional investors have adjusted their positions in the fund, with notable increases from Sit Investment Associates Inc. (+12.1%) and Invesco Ltd. (+195.7%).
• The fund announced a dividend of $0.0512 per share with an impressive yield of 662.0%, to be paid at the end of August.

Thomas J. Herzfeld Advisors Inc. lessened its holdings in Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO - Free Report) by 92.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,865 shares of the company's stock after selling 37,054 shares during the period. Thomas J. Herzfeld Advisors Inc.'s holdings in Flaherty & Crumrine Preferred and Income Fund were worth $26,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of America Corp DE increased its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 7.4% in the 4th quarter. Bank of America Corp DE now owns 21,790 shares of the company's stock valued at $196,000 after purchasing an additional 1,500 shares in the last quarter. Sit Investment Associates Inc. increased its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 12.1% in the 1st quarter. Sit Investment Associates Inc. now owns 608,217 shares of the company's stock valued at $5,608,000 after purchasing an additional 65,415 shares in the last quarter. Citadel Advisors LLC purchased a new position in shares of Flaherty & Crumrine Preferred and Income Fund in the 4th quarter valued at about $97,000. Wells Fargo & Company MN increased its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 47.8% in the 4th quarter. Wells Fargo & Company MN now owns 33,668 shares of the company's stock valued at $303,000 after purchasing an additional 10,886 shares in the last quarter. Finally, Ewing Morris & Co. Investment Partners Ltd. purchased a new position in shares of Flaherty & Crumrine Preferred and Income Fund in the 4th quarter valued at about $682,000. Hedge funds and other institutional investors own 12.90% of the company's stock.

Flaherty & Crumrine Preferred and Income Fund Price Performance

Shares of Flaherty & Crumrine Preferred and Income Fund stock traded up $0.03 on Friday, hitting $9.32. The company's stock had a trading volume of 278,821 shares, compared to its average volume of 65,017. Flaherty & Crumrine Preferred and Income Fund Inc. has a 1 year low of $8.01 and a 1 year high of $9.54. The firm has a fifty day moving average price of $9.26 and a 200-day moving average price of $9.09.

Flaherty & Crumrine Preferred and Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 23rd will be issued a $0.0512 dividend. This represents a c) annualized dividend and a yield of 6.6%. The ex-dividend date is Tuesday, September 23rd.

Flaherty & Crumrine Preferred and Income Fund Company 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.