Flaherty & Crumrine Preferred and Income Fund (NYSE:PFO) Shares Down 0.7% – Here’s What Happened

Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO)’s stock price was down 0.7% during trading on Monday. The stock traded as low as $8.46 and last traded at $8.48. 42,856 shares changed hands during trading, an increase of 25% from the average session volume of 34,218 shares. The stock had previously closed at $8.54.

Flaherty & Crumrine Preferred and Income Fund Stock Performance

The business has a 50-day moving average of $8.84 and a two-hundred day moving average of $9.06.

Flaherty & Crumrine Preferred and Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 23rd will be issued a dividend of $0.0567 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 8.0%. The ex-dividend date of this dividend is Friday, October 23rd.

Institutional Investors Weigh In On Flaherty & Crumrine Preferred and Income Fund

A hedge fund recently raised its position in Flaherty & Crumrine Preferred and Income Fund stock. Rivernorth Capital Management LLC boosted its position in shares of Flaherty & Crumrine Preferred and Income Fund Inc. (NYSE:PFO) by 7.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 22,537 shares of the company’s stock after purchasing an additional 1,494 shares during the period. Rivernorth Capital Management LLC owned about 0.17% of Flaherty & Crumrine Preferred and Income Fund worth $208,000 at the end of the most recent quarter. 12.90% of the stock is owned by institutional investors and hedge funds.

Flaherty & Crumrine Preferred and Income Fund Company Profile

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

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