First Trust Intermediate Duration Preferred & Income Fund (NYSE:FPF) Sees Large Increase in Short Interest

First Trust Intermediate Duration Preferred & Income Fund (NYSE:FPF) was the target of a large increase in short interest in June. As of June 15th, there was short interest totalling 153,900 shares, an increase of 1,520.0% from the May 31st total of 9,500 shares. Based on an average daily trading volume, of 131,900 shares, the days-to-cover ratio is currently 1.2 days.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FPF. Penserra Capital Management LLC lifted its position in First Trust Intermediate Duration Preferred & Income Fund by 23.3% during the third quarter. Penserra Capital Management LLC now owns 615,726 shares of the company’s stock valued at $9,108,000 after purchasing an additional 116,376 shares during the last quarter. MGO One Seven LLC increased its stake in First Trust Intermediate Duration Preferred & Income Fund by 2,011.6% during the fourth quarter. MGO One Seven LLC now owns 379,688 shares of the company’s stock worth $6,193,000 after acquiring an additional 361,707 shares during the last quarter. Saba Capital Management L.P. purchased a new stake in First Trust Intermediate Duration Preferred & Income Fund during the third quarter valued at approximately $3,604,000. International Assets Investment Management LLC lifted its stake in shares of First Trust Intermediate Duration Preferred & Income Fund by 1,531.9% in the 4th quarter. International Assets Investment Management LLC now owns 221,677 shares of the company’s stock valued at $3,616,000 after purchasing an additional 208,093 shares during the last quarter. Finally, Sterneck Capital Management LLC boosted its holdings in shares of First Trust Intermediate Duration Preferred & Income Fund by 5.2% in the 4th quarter. Sterneck Capital Management LLC now owns 207,983 shares of the company’s stock worth $3,392,000 after purchasing an additional 10,327 shares during the period.

First Trust Intermediate Duration Preferred & Income Fund Price Performance

Shares of NYSE:FPF traded up $0.08 during midday trading on Thursday, reaching $18.20. 177,853 shares of the company were exchanged, compared to its average volume of 153,081. The business’s fifty day moving average is $17.58 and its two-hundred day moving average is $17.29. First Trust Intermediate Duration Preferred & Income Fund has a one year low of $13.91 and a one year high of $18.25.

First Trust Intermediate Duration Preferred & Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be issued a dividend of $0.1375 per share. This represents a $1.65 annualized dividend and a dividend yield of 9.07%. The ex-dividend date is Monday, July 1st.

First Trust Intermediate Duration Preferred & Income Fund Company Profile

First Trust Intermediate Duration Preferred & Income Fund is a closed end fixed income mutual fund launched and managed by First Trust Advisors L.P. The fund is co-managed by Stonebridge Advisors, LLC. It invests in fixed income markets. The fund will also invest in below investment-grade securities like junk or high-yield securities.