Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) Increases Dividend to $0.06 Per Share

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) announced a monthly dividend on Friday, April 19th, Wall Street Journal reports. Investors of record on Friday, June 21st will be paid a dividend of 0.0583 per share by the real estate investment trust on Friday, June 28th. This represents a $0.70 annualized dividend and a yield of 7.05%. The ex-dividend date of this dividend is Friday, June 21st. This is a positive change from Flaherty & Crumrine Preferred Income Fund’s previous monthly dividend of $0.06.

Flaherty & Crumrine Preferred Income Fund has decreased its dividend by an average of 10.7% annually over the last three years and has raised its dividend annually for the last 1 consecutive years.

Flaherty & Crumrine Preferred Income Fund Price Performance

NYSE PFD traded up $0.02 during trading on Friday, reaching $9.93. 15,001 shares of the company’s stock were exchanged, compared to its average volume of 30,763. The business has a 50 day moving average price of $10.29 and a 200-day moving average price of $9.88. Flaherty & Crumrine Preferred Income Fund has a fifty-two week low of $8.53 and a fifty-two week high of $10.92.

Institutional Trading of Flaherty & Crumrine Preferred Income Fund

Hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. lifted its position in shares of Flaherty & Crumrine Preferred Income Fund by 109.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,329 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 1,219 shares during the last quarter. Captrust Financial Advisors acquired a new stake in shares of Flaherty & Crumrine Preferred Income Fund in the second quarter valued at approximately $55,000. Comerica Bank lifted its position in shares of Flaherty & Crumrine Preferred Income Fund by 226.7% in the fourth quarter. Comerica Bank now owns 7,481 shares of the real estate investment trust’s stock valued at $74,000 after buying an additional 5,191 shares during the last quarter. Susquehanna International Group LLP lifted its position in shares of Flaherty & Crumrine Preferred Income Fund by 14.7% in the fourth quarter. Susquehanna International Group LLP now owns 13,070 shares of the real estate investment trust’s stock valued at $145,000 after buying an additional 1,680 shares during the last quarter. Finally, NewEdge Advisors LLC acquired a new stake in shares of Flaherty & Crumrine Preferred Income Fund in the first quarter valued at approximately $150,000.

About Flaherty & Crumrine Preferred Income Fund

Flaherty & Crumrine Preferred Income 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 the stocks of companies operating in the financials sector. The fund primarily invests in preferred securities.