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 Friday, April 19th, Wall Street Journal reports. Investors of record on Friday, June 21st will be given 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 is Friday, June 21st. This is an increase from Flaherty & Crumrine Preferred Income Fund’s previous monthly dividend of $0.06.

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 increased its dividend annually for the last 1 consecutive years.

Flaherty & Crumrine Preferred Income Fund Stock Up 0.2 %

NYSE:PFD traded up $0.02 during trading hours on Friday, hitting $9.93. 15,001 shares of the company’s stock traded hands, compared to its average volume of 30,763. Flaherty & Crumrine Preferred Income Fund has a twelve month low of $8.53 and a twelve month high of $10.92. The stock’s fifty day moving average price is $10.29 and its two-hundred day moving average price is $9.88.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PFD. Northwestern Mutual Wealth Management Co. raised its position in Flaherty & Crumrine Preferred Income Fund by 109.8% during 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 period. Captrust Financial Advisors acquired a new position in Flaherty & Crumrine Preferred Income Fund in the 2nd quarter worth about $55,000. Comerica Bank increased its position in Flaherty & Crumrine Preferred Income Fund by 226.7% in the 4th quarter. Comerica Bank now owns 7,481 shares of the real estate investment trust’s stock worth $74,000 after purchasing an additional 5,191 shares during the last quarter. Susquehanna International Group LLP increased its position in 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 worth $145,000 after purchasing an additional 1,680 shares during the last quarter. Finally, NewEdge Advisors LLC acquired a new position in Flaherty & Crumrine Preferred Income Fund in the 1st quarter worth about $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.