Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) Stock Price Down 0.6% - Should You Sell?

Key Points

• PFO shares fell 0.6% to $8.96 in Thursday trading, while volume rose 50% above the average session volume. The price remained below both its 50-day ($9.10) and 200-day ($9.17) moving averages.
• The fund declared a monthly dividend of $0.0567 per share, payable October 30 to shareholders of record October 23, representing a stated annualized yield of 7.6%.
• Institutional ownership stands at 12.9%, with several hedge funds increasing their positions. PFO is a closed-end fund focused on generating current income through diversified preferred and hybrid securities.

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO - Get Free Report) shares were down 0.6% on Thursday . The stock traded as low as $8.96 and last traded at $8.96. 40,382 shares were traded during trading, an increase of 50% from the average session volume of 26,927 shares. The stock had previously closed at $9.01.

Flaherty & Crumrine Preferred and Income Fund Trading Down 0.6%

The stock has a fifty day moving average of $9.10 and a 200-day moving average of $9.17.

Flaherty & Crumrine Preferred and Income Fund Announces Dividend

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 given a dividend of $0.0567 per share. This represents a c) dividend on an annualized basis and a yield of 7.6%. The ex-dividend date of this dividend is Friday, October 23rd.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rivernorth Capital Management LLC raised its stake in shares of Flaherty & Crumrine Preferred and Income Fund by 7.1% during the second quarter. Rivernorth Capital Management LLC now owns 22,537 shares of the company's stock worth $208,000 after purchasing an additional 1,494 shares during the last quarter. Noble Wealth Management PBC increased its stake in Flaherty & Crumrine Preferred and Income Fund by 3.0% in the 2nd quarter. Noble Wealth Management PBC now owns 100,360 shares of the company's stock valued at $927,000 after buying an additional 2,911 shares during the period. Sit Investment Associates Inc. increased its stake in Flaherty & Crumrine Preferred and Income Fund by 5.9% in the 4th quarter. Sit Investment Associates Inc. now owns 1,328,546 shares of the company's stock valued at $12,555,000 after buying an additional 73,704 shares during the period. Mustico Financial Group Inc. increased its stake in Flaherty & Crumrine Preferred and Income Fund by 6.3% in the 4th quarter. Mustico Financial Group Inc. now owns 81,339 shares of the company's stock valued at $770,000 after buying an additional 4,788 shares during the period. Finally, 1607 Capital Partners LLC raised its position in Flaherty & Crumrine Preferred and Income Fund by 32.5% during the 4th quarter. 1607 Capital Partners LLC now owns 263,244 shares of the company's stock worth $2,488,000 after buying an additional 64,634 shares during the last quarter. 12.90% of the stock is currently owned by hedge funds and other institutional investors.

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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