Rivernorth Capital Management LLC Sells 90,702 Shares of Flaherty & Crumrine Preferred and Income Fund Inc. $PFO

Rivernorth Capital Management LLC cut its holdings in Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) by 81.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,043 shares of the company’s stock after selling 90,702 shares during the period. Rivernorth Capital Management LLC owned 0.16% of Flaherty & Crumrine Preferred and Income Fund worth $190,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Webster Bank N. A. bought a new stake in shares of Flaherty & Crumrine Preferred and Income Fund during the fourth quarter valued at approximately $28,000. Raymond James Financial Inc. bought a new position in shares of Flaherty & Crumrine Preferred and Income Fund during the second quarter worth $49,000. AlphaCore Capital LLC purchased a new position in Flaherty & Crumrine Preferred and Income Fund during the fourth quarter valued at $127,000. Guggenheim Capital LLC purchased a new position in Flaherty & Crumrine Preferred and Income Fund during the fourth quarter valued at $232,000. Finally, NewEdge Advisors LLC increased its holdings in Flaherty & Crumrine Preferred and Income Fund by 9.5% in the 2nd quarter. NewEdge Advisors LLC now owns 31,081 shares of the company’s stock valued at $287,000 after acquiring an additional 2,709 shares during the last quarter. 12.90% of the stock is owned by hedge funds and other institutional investors.

Flaherty & Crumrine Preferred and Income Fund Trading Down 0.6%

Shares of PFO stock opened at $9.03 on Thursday. Flaherty & Crumrine Preferred and Income Fund Inc. has a 52 week low of $8.85 and a 52 week high of $9.90. The company’s fifty day simple moving average is $9.16 and its two-hundred day simple moving average is $9.29.

Flaherty & Crumrine Preferred and Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 23rd will be issued a $0.0567 dividend. This represents a c) annualized dividend and a dividend yield of 7.5%. The ex-dividend date of this dividend is Friday, October 23rd.

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.