Flaherty & Crumrine Preferred Income Fund (NYSE:PFD) Stock Passes Below 50-Day Moving Average – Here’s What Happened

Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD)’s stock price passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $11.36 and traded as low as $11.28. Flaherty & Crumrine Preferred Income Fund shares last traded at $11.35, with a volume of 12,090 shares changing hands.

Flaherty & Crumrine Preferred Income Fund Price Performance

The firm’s 50 day simple moving average is $11.36 and its 200-day simple moving average is $11.29.

Flaherty & Crumrine Preferred Income Fund Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 24th will be issued a dividend of $0.03 per share. The ex-dividend date is Friday, January 24th. This represents a $0.36 annualized dividend and a yield of 3.17%.

Institutional Investors Weigh In On Flaherty & Crumrine Preferred Income Fund

A hedge fund recently bought a new stake in Flaherty & Crumrine Preferred Income Fund stock. Ellis Investment Partners LLC purchased a new stake in Flaherty & Crumrine Preferred Income Fund Inc. (NYSE:PFD) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,442 shares of the real estate investment trust’s stock, valued at approximately $125,000.

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.