Short Interest in Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) Increases By 388.8%

Key Points

• Short interest in the Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) rose dramatically by 388.8% in September, increasing from 9,800 shares at the end of August to 47,900 shares.
• The company has recently declared a monthly dividend of $0.0512, representing an annualized yield of 6.3%, which was paid to shareholders of record on September 23rd.
• Several large institutional investors have either increased their stakes or initiated new positions in the fund, indicating growing interest, as hedge funds now own 12.90% of the stock.

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO - ) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totaling 47,900 shares, an increase of 388.8% from the August 31st total of 9,800 shares. Based on an average daily volume of 58,400 shares, the days-to-cover ratio is presently 0.8 days. Based on an average daily volume of 58,400 shares, the days-to-cover ratio is presently 0.8 days.

Flaherty & Crumrine Preferred and Income Fund Price Performance

NYSE:PFO traded up $0.06 during mid-day trading on Wednesday, hitting $9.81. 27,385 shares of the company's stock traded hands, compared to its average volume of 38,542. The firm has a 50 day moving average of $9.42 and a two-hundred day moving average of $9.16. Flaherty & Crumrine Preferred and Income Fund has a 12 month low of $8.01 and a 12 month high of $9.90.

Flaherty & Crumrine Preferred and Income Fund Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 23rd were issued a $0.0512 dividend. The ex-dividend date of this dividend was Tuesday, September 23rd. This represents a c) annualized dividend and a yield of 6.3%.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred and Income Fund

Several large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its holdings in shares of Flaherty & Crumrine Preferred and Income Fund by 7.4% in the 4th quarter. Bank of America Corp DE now owns 21,790 shares of the company's stock worth $196,000 after buying an additional 1,500 shares in the last quarter. Citadel Advisors LLC acquired a new position in shares of Flaherty & Crumrine Preferred and Income Fund in the 4th quarter worth approximately $97,000. Vanguard Capital Wealth Advisors acquired a new position in shares of Flaherty & Crumrine Preferred and Income Fund in the 1st quarter worth approximately $129,000. Noble Wealth Management PBC raised its holdings in shares of Flaherty & Crumrine Preferred and Income Fund by 21.4% in the 1st quarter. Noble Wealth Management PBC now owns 101,698 shares of the company's stock worth $938,000 after buying an additional 17,938 shares in the last quarter. Finally, Rossby Financial LCC acquired a new position in shares of Flaherty & Crumrine Preferred and Income Fund in the 1st quarter worth approximately $28,000. Institutional investors and hedge funds own 12.90% of the company's stock.

About Flaherty & Crumrine Preferred and Income Fund

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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