Flaherty & Crumrine Preferred Income Fund (NYSE:PFD) Stock Crosses Below 200-Day Moving Average – Here’s Why

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD)’s stock price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $11.64 and traded as low as $11.43. Flaherty & Crumrine Preferred Income Fund shares last traded at $11.53, with a volume of 71,264 shares traded.

Flaherty & Crumrine Preferred Income Fund Price Performance

The company’s 50 day moving average is $11.50 and its 200-day moving average is $11.64.

Flaherty & Crumrine Preferred Income Fund Announces Dividend

The firm also recently disclosed 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) dividend on an annualized basis and a yield of 7.2%. The ex-dividend date is Friday, July 24th.

Hedge Funds Weigh In On Flaherty & Crumrine Preferred Income Fund

A number of institutional investors and hedge funds have recently made changes to their positions in PFD. Raymond James Financial Inc. boosted its position in shares of Flaherty & Crumrine Preferred Income Fund by 3.8% in the 2nd quarter. Raymond James Financial Inc. now owns 177,337 shares of the real estate investment trust’s stock worth $2,006,000 after purchasing an additional 6,569 shares in the last quarter. Bank of America Corp DE increased its position in Flaherty & Crumrine Preferred Income Fund by 9.2% during the 2nd quarter. Bank of America Corp DE now owns 154,578 shares of the real estate investment trust’s stock valued at $1,748,000 after buying an additional 13,033 shares in the last quarter. Osaic Holdings Inc. increased its position in Flaherty & Crumrine Preferred Income Fund by 7.4% during the 2nd quarter. Osaic Holdings Inc. now owns 89,755 shares of the real estate investment trust’s stock valued at $1,015,000 after buying an additional 6,217 shares in the last quarter. CreativeOne Wealth LLC raised its stake in Flaherty & Crumrine Preferred Income Fund by 154.9% during the third quarter. CreativeOne Wealth LLC now owns 26,000 shares of the real estate investment trust’s stock valued at $313,000 after buying an additional 15,800 shares during the last quarter. Finally, 1607 Capital Partners LLC purchased a new position in Flaherty & Crumrine Preferred Income Fund during the third quarter valued at $435,000.

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.