Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) Sees Significant Increase in Short Interest

Key Points

• Short interest surged 225.4% to 53,204 shares as of September 15, representing about 0.4% of PFO’s shares and 2.5 days to cover.
• Institutional investors increased their holdings, with Fiera Capital and 1607 Capital Partners among the largest reported buyers; institutions collectively own 12.9% of the fund.
• PFO shares fell 0.8% to $8.68, near the 52-week low, while the fund announced a monthly dividend of $0.0567, equivalent to a 7.8% annualized yield.

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO - Get Free Report) was the target of a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 53,204 shares, a growth of 225.4% from the August 31st total of 16,350 shares. Approximately 0.4% of the shares of the company are short sold. Based on an average trading volume of 21,556 shares, the days-to-cover ratio is presently 2.5 days.

Institutional Trading of Flaherty & Crumrine Preferred and Income Fund

A number of hedge funds have recently modified their holdings of the stock. Rivernorth Capital Management LLC grew its stake in Flaherty & Crumrine Preferred and Income Fund by 7.1% in the 2nd quarter. Rivernorth Capital Management LLC now owns 22,537 shares of the company's stock valued at $208,000 after buying an additional 1,494 shares during the last quarter. Noble Wealth Management PBC lifted its position in Flaherty & Crumrine Preferred and Income Fund by 3.0% during the second quarter. Noble Wealth Management PBC now owns 100,360 shares of the company's stock worth $927,000 after acquiring an additional 2,911 shares during the last quarter. Mustico Financial Group Inc. lifted its position in Flaherty & Crumrine Preferred and Income Fund by 6.3% during the fourth quarter. Mustico Financial Group Inc. now owns 81,339 shares of the company's stock worth $770,000 after acquiring an additional 4,788 shares during the last quarter. 1607 Capital Partners LLC lifted its position in Flaherty & Crumrine Preferred and Income Fund by 32.5% during the fourth quarter. 1607 Capital Partners LLC now owns 263,244 shares of the company's stock worth $2,488,000 after acquiring an additional 64,634 shares during the last quarter. Finally, Fiera Capital Corp boosted its holdings in shares of Flaherty & Crumrine Preferred and Income Fund by 115.9% during the fourth quarter. Fiera Capital Corp now owns 129,862 shares of the company's stock worth $1,227,000 after acquiring an additional 69,717 shares during the period. Institutional investors and hedge funds own 12.90% of the company's stock.

Flaherty & Crumrine Preferred and Income Fund Stock Down 0.8%

PFO traded down $0.07 during trading hours on Friday, reaching $8.68. The company's stock had a trading volume of 64,203 shares, compared to its average volume of 22,762. Flaherty & Crumrine Preferred and Income Fund has a 52 week low of $8.65 and a 52 week high of $9.88. The company's 50-day moving average is $9.02 and its 200-day moving average is $9.12.

Flaherty & Crumrine Preferred and Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Friday, October 23rd will be issued a $0.0567 dividend. This represents a $0.68 annualized dividend and a dividend yield of 7.8%. The ex-dividend date is Friday, October 23rd.

Flaherty & Crumrine Preferred and Income Fund Company Profile

Flaherty & Crumrine Preferred and Income Fund is a closed-end investment fund listed on the New York Stock Exchange under the symbol PFO. The fund seeks to provide investors with a high level of current income, while pursuing capital appreciation as a secondary objective.

The fund primarily invests in preferred securities and other income-producing securities. Its portfolio may include preferred stocks, hybrid securities, corporate debt and other fixed-income investments issued by companies in sectors such as financial services, utilities and industrials.

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