Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) to Issue Monthly Dividend of $0.06

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) declared a monthly dividend on Monday, April 22nd, Wall Street Journal reports. Stockholders of record on Thursday, May 23rd will be given a dividend of 0.0583 per share by the real estate investment trust on Friday, May 31st. This represents a $0.70 annualized dividend and a dividend yield of 7.05%. The ex-dividend date is Wednesday, May 22nd.

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

Flaherty & Crumrine Preferred Income Fund Price Performance

PFD stock opened at $9.93 on Monday. The stock has a 50-day moving average price of $10.29 and a 200-day moving average price of $9.90. Flaherty & Crumrine Preferred Income Fund has a 1-year low of $8.53 and a 1-year high of $10.92.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. grew its stake in shares of Flaherty & Crumrine Preferred Income Fund by 109.8% in the 4th 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 period. NewEdge Advisors LLC grew its stake in shares of Flaherty & Crumrine Preferred Income Fund by 6.0% in the 1st quarter. NewEdge Advisors LLC now owns 25,109 shares of the real estate investment trust’s stock valued at $250,000 after buying an additional 1,429 shares during the period. UBS Group AG grew its stake in shares of Flaherty & Crumrine Preferred Income Fund by 1.3% in the 1st quarter. UBS Group AG now owns 107,365 shares of the real estate investment trust’s stock valued at $1,139,000 after buying an additional 1,430 shares during the period. Susquehanna International Group LLP grew its stake in shares of Flaherty & Crumrine Preferred Income Fund by 14.7% in the 4th 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 period. Finally, Bank of America Corp DE grew its stake in shares of Flaherty & Crumrine Preferred Income Fund by 7.6% in the 1st quarter. Bank of America Corp DE now owns 28,916 shares of the real estate investment trust’s stock valued at $400,000 after buying an additional 2,032 shares during the period.

Flaherty & Crumrine Preferred Income Fund Company Profile

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.