Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) Shares Down 0.2% - Should You Sell?

Key Points

• Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) slipped 0.2% in mid-day trading, last changing hands at $9.19 after trading as low as $9.18.
• The fund announced a monthly dividend of $0.0556 per share, payable July 31 to shareholders of record on July 24, implying an annualized yield of about 7.3%.
• Institutional buying has been notable, with several firms adding positions; hedge funds and other institutions own 12.9% of the stock.

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO - Get Free Report) traded down 0.2% during mid-day trading on Friday . The stock traded as low as $9.18 and last traded at $9.19. 8,951 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 15,746 shares. The stock had previously closed at $9.21.

Flaherty & Crumrine Preferred and Income Fund Stock Performance

The stock has a 50-day simple moving average of $9.17 and a 200 day simple moving average of $9.32.

Flaherty & Crumrine Preferred and Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 24th will be issued a dividend of $0.0556 per share. The ex-dividend date of this dividend is Friday, July 24th. This represents a c) dividend on an annualized basis and a dividend yield of 7.3%.

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

A number of large investors have recently bought and sold shares of the company. CIBC Bancorp USA Inc. purchased a new stake in shares of Flaherty & Crumrine Preferred and Income Fund in the 3rd quarter valued at $5,738,000. Pathstone Holdings LLC purchased a new position in shares of Flaherty & Crumrine Preferred and Income Fund during the third quarter worth $3,073,000. Advisors Asset Management Inc. raised its holdings in shares of Flaherty & Crumrine Preferred and Income Fund by 228.6% during the fourth quarter. Advisors Asset Management Inc. now owns 309,687 shares of the company's stock worth $2,927,000 after purchasing an additional 215,441 shares during the last quarter. 1607 Capital Partners LLC acquired a new position in Flaherty & Crumrine Preferred and Income Fund during the third quarter valued at $1,936,000. Finally, Closed End Fund Advisors Inc. purchased a new stake in Flaherty & Crumrine Preferred and Income Fund in the fourth quarter valued at $909,000. Hedge funds and other institutional investors own 12.90% of the company's stock.

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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