Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) Short Interest Down 55.7% in September

Key Points

• Short interest in Flaherty & Crumrine Preferred and Income Fund decreased by 55.7% in September, dropping from 47,900 to 21,200 shares.
• The fund has announced an increase in its monthly dividend to $0.0525, payable on November 28th, yielding an annualized rate of 6.5%.
• Institutional ownership is significant, with notable investments from firms like Baird Financial Group and Invesco Ltd., increasing their stakes in the fund.

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO - ) was the recipient of a significant decline in short interest during the month of September. As of September 30th, there was short interest totaling 21,200 shares, a decline of 55.7% from the September 15th total of 47,900 shares. Based on an average trading volume of 58,700 shares, the short-interest ratio is currently 0.4 days. Based on an average trading volume of 58,700 shares, the short-interest ratio is currently 0.4 days.

Flaherty & Crumrine Preferred and Income Fund Stock Performance

Flaherty & Crumrine Preferred and Income Fund stock traded down $0.06 during midday trading on Monday, reaching $9.66. The company's stock had a trading volume of 20,108 shares, compared to its average volume of 33,372. The business has a 50-day moving average price of $9.56 and a 200-day moving average price of $9.21. 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 Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, November 28th. Stockholders of record on Thursday, November 20th will be paid a $0.0525 dividend. This is an increase from Flaherty & Crumrine Preferred and Income Fund's previous monthly dividend of $0.05. This represents a c) annualized dividend and a dividend yield of 6.5%. The ex-dividend date of this dividend is Thursday, November 20th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Baird Financial Group Inc. acquired a new position in shares of Flaherty & Crumrine Preferred and Income Fund in the first quarter valued at approximately $288,000. Sit Investment Associates Inc. increased its stake in shares of 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 buying an additional 65,415 shares during the period. Invesco Ltd. increased its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 195.7% in the first quarter. Invesco Ltd. now owns 37,220 shares of the company's stock valued at $343,000 after buying an additional 24,633 shares during the period. Ameritas Advisory Services LLC acquired a new position in shares of Flaherty & Crumrine Preferred and Income Fund in the second quarter valued at approximately $32,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 14.1% in the first quarter. Envestnet Asset Management Inc. now owns 132,350 shares of the company's stock valued at $1,220,000 after buying an additional 16,321 shares during the period. Institutional investors and hedge funds own 12.90% of the company's stock.

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.

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