Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) Shares Down 0.1% - Here's What Happened

Key Points

• PFO shares fell 0.1% to $9.06, with trading volume 34% below the stock’s average session volume.
• The fund announced a monthly dividend of $0.0567 per share, payable October 30 to shareholders of record October 23, representing an annualized yield of approximately 7.5%.
• Institutional ownership stands at 12.9%, with several investors building positions; Advisors Asset Management increased its stake by 228.6%, while Sit Investment Associates owns 1.33 million shares.

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO - Get Free Report) shares traded down 0.1% on Thursday . The company traded as low as $9.03 and last traded at $9.06. 20,102 shares changed hands during trading, a decline of 34% from the average session volume of 30,279 shares. The stock had previously closed at $9.07.

Flaherty & Crumrine Preferred and Income Fund Stock Down 0.1%

The company has a 50 day moving average of $9.16 and a 200 day moving average of $9.24.

Flaherty & Crumrine Preferred and Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Friday, October 23rd will be paid a $0.0567 dividend. The ex-dividend date is Friday, October 23rd. This represents a c) dividend on an annualized basis and a yield of 7.5%.

Institutional Investors Weigh In On Flaherty & Crumrine Preferred and Income Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CIBC Bancorp USA Inc. acquired a new stake in Flaherty & Crumrine Preferred and Income Fund in the 3rd quarter valued at approximately $5,738,000. Pathstone Holdings LLC bought a new stake in shares of Flaherty & Crumrine Preferred and Income Fund in the third quarter valued at approximately $3,073,000. Advisors Asset Management Inc. grew its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 228.6% in the fourth quarter. Advisors Asset Management Inc. now owns 309,687 shares of the company's stock worth $2,927,000 after acquiring an additional 215,441 shares during the last quarter. Closed End Fund Advisors Inc. acquired a new stake in shares of Flaherty & Crumrine Preferred and Income Fund in the fourth quarter worth $909,000. Finally, Sit Investment Associates Inc. increased its position in Flaherty & Crumrine Preferred and Income Fund by 5.9% during the fourth quarter. Sit Investment Associates Inc. now owns 1,328,546 shares of the company's stock worth $12,555,000 after acquiring an additional 73,704 shares during the period. 12.90% of the stock is currently owned by institutional investors and hedge funds.

Flaherty & Crumrine Preferred and Income Fund Company Profile

Flaherty & Crumrine Preferred and Income Fund NYSE: PFO is a closed-end management investment company designed to provide investors with a high level of current income. The fund focuses its portfolio primarily on preferred and participating securities, including traditional preferred shares, convertible preferred instruments, trust preferred issues and other hybrid securities issued by corporations and financial institutions.

Through broad diversification across industry sectors and geographies, PFO aims to manage credit and interest-rate risk while pursuing attractive yield opportunities.

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