Flaherty & Crumrine Preferred Income Fund (NYSE:PFD) Stock Passes Above 50 Day Moving Average – What’s Next?

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) shares crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $11.50 and traded as high as $11.59. Flaherty & Crumrine Preferred Income Fund shares last traded at $11.5150, with a volume of 23,656 shares changing hands.

Flaherty & Crumrine Preferred Income Fund Stock Performance

The company has a 50 day moving average of $11.50 and a two-hundred day moving average of $11.63.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 24th will be issued a $0.0689 dividend. This represents a c) annualized dividend and a yield of 7.2%. The ex-dividend date of this dividend is Friday, July 24th.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred Income Fund

Several hedge funds have recently modified their holdings of PFD. Fiera Capital Corp lifted its position in Flaherty & Crumrine Preferred Income Fund by 80.8% during the 4th quarter. Fiera Capital Corp now owns 179,838 shares of the real estate investment trust’s stock worth $2,135,000 after acquiring an additional 80,344 shares during the period. Sit Investment Associates Inc. increased its holdings in shares of Flaherty & Crumrine Preferred Income Fund by 8.5% in the fourth quarter. Sit Investment Associates Inc. now owns 1,176,356 shares of the real estate investment trust’s stock valued at $13,963,000 after purchasing an additional 91,962 shares during the period. Wells Fargo & Company MN raised its stake in shares of Flaherty & Crumrine Preferred Income Fund by 12.9% in the fourth quarter. Wells Fargo & Company MN now owns 85,730 shares of the real estate investment trust’s stock worth $1,018,000 after purchasing an additional 9,810 shares during the last quarter. Osaic Holdings Inc. raised its stake in shares of Flaherty & Crumrine Preferred Income Fund by 7.4% in the second quarter. Osaic Holdings Inc. now owns 89,755 shares of the real estate investment trust’s stock worth $1,015,000 after purchasing an additional 6,217 shares during the last quarter. Finally, Lido Advisors LLC lifted its holdings in shares of Flaherty & Crumrine Preferred Income Fund by 1.6% during the third quarter. Lido Advisors LLC now owns 66,880 shares of the real estate investment trust’s stock worth $804,000 after purchasing an additional 1,069 shares during the period.

About Flaherty & Crumrine Preferred Income Fund

Flaherty & Crumrine Preferred Income Fund (NYSE: PFD) is a closed-end management investment company that seeks to provide shareholders with a high level of current income by investing primarily in preferred securities. The fund’s portfolio typically includes both U.S. and global preferred stocks, hybrid capital instruments and other fixed-income securities that pay fixed or adjustable dividends. It may also invest in investment-grade and below-investment-grade issues to capture yield opportunities across credit quality tiers.

Since its inception in 2006, PFD has aimed to deliver attractive after-tax total returns by actively managing interest-rate and credit-risk exposure.