PFD, PFO, FFC, FLC and DFP Announce February, March and April Dividends
25 January 2018 - 8:23AM
Business Wire
The Boards of Directors of Flaherty & Crumrine Preferred
Income Fund Incorporated (NYSE: PFD), Flaherty &
Crumrine Preferred Income Opportunity Fund Incorporated (NYSE:
PFO), Flaherty & Crumrine Preferred Securities Income Fund
Incorporated (NYSE: FFC), Flaherty & Crumrine Total
Return Fund Incorporated (NYSE: FLC) and Flaherty &
Crumrine Dynamic Preferred and Income Fund Incorporated (NYSE:
DFP) today announced that they have declared per share
dividends for the next three months as follows:
February
March April PFD $0.078 $0.078 $0.078 PFO $0.066
$0.066 $0.066 FFC $0.114 $0.114 $0.114 FLC $0.119 $0.119 $0.119 DFP
$0.148 $0.148 $0.148 Payment Date Feb. 28, 2018
Mar. 29, 2018
Apr. 30, 2018 Record Date Feb. 21, 2018
Mar. 22, 2018
Apr. 23, 2018 Ex-Dividend Date Feb. 20, 2018
Mar. 21, 2018
Apr. 20, 2018
These new dividends represent a decrease from the last dividend
per share of −4.9% for PFD, −4.3% for PFO, −4.2% for FFC, −5.6% for
FLC and −4.5% for DFP.
R. Eric Chadwick, Chairman of the Board of each fund, said “The
combination of increases in short-term interest rates and lower
portfolio income has led us to reduce dividend rates. Each fund’s
common stock dividend continues to be enhanced by leverage, but
leverage expense has risen steadily with Fed rate hikes to a rate
of about 2.5% today. At the same time, each fund is earning less
income from its portfolio of securities as longer-term interest
rates have remained low and credit spreads have narrowed. As a
result, we have reduced dividends to better reflect the net income
available for distribution to common stock shareholders.”
The tax breakdown of all 2018 distributions will be available
early in 2019, but at this point the funds anticipate that the
dividends detailed above will consist of net investment income and
not capital gains or return of capital.
Website: www.preferredincome.com
Past performance is not indicative of future performance. An
investor should consider the fund’s investment objective, risks,
charges and expenses carefully before investing.
To the extent any portion of the distribution is estimated to be
sourced from something other than income, such as return of
capital, the source would be disclosed on a Section 19(a)-1 letter
located under the “SEC Filings and News” section of the funds’
website, www.preferredincome.com. The actual amounts and sources of
the amounts for tax reporting purposes will depend upon a fund’s
investment performance during the remainder of its fiscal year and
may be subject to change based on tax regulations. A distribution
rate that is largely comprised of sources other than income may not
be reflective of a fund’s performance.
PFD, PFO and FFC invest primarily in preferred securities with
an investment objective of high current income consistent with
preservation of capital. FLC invests primarily in preferred and
other income-producing securities with a primary investment
objective of high current income and a secondary objective of
capital appreciation. DFP invests primarily in preferred and other
income-producing securities with an investment objective of total
return, with an emphasis on high current income. PFD, PFO, FFC, FLC
and DFP are managed by Flaherty & Crumrine Incorporated, an
independent investment adviser which was founded in 1983 to
specialize in the management of portfolios of preferred and related
securities.
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version on businesswire.com: http://www.businesswire.com/news/home/20180124006233/en/
Flaherty & Crumrine IncorporatedChad Conwell,
626-795-7300
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