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

First Trust Intermediate Duration Preferred & Income Fund (NYSE:FPF) was the recipient of a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 68,500 shares, a decline of 24.1% from the February 28th total of 90,300 shares. Based on an average daily volume of 130,800 shares, the days-to-cover ratio is currently 0.5 days.

First Trust Intermediate Duration Preferred & Income Fund Price Performance

NYSE FPF opened at $18.32 on Wednesday. First Trust Intermediate Duration Preferred & Income Fund has a fifty-two week low of $16.50 and a fifty-two week high of $19.74. The business’s 50 day moving average price is $18.60 and its 200-day moving average price is $18.70.

First Trust Intermediate Duration Preferred & Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be issued a $0.1375 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $1.65 annualized dividend and a dividend yield of 9.01%.

Institutional Trading of First Trust Intermediate Duration Preferred & Income Fund

Institutional investors and hedge funds have recently made changes to their positions in the business. Polar Asset Management Partners Inc. purchased a new stake in shares of First Trust Intermediate Duration Preferred & Income Fund in the 4th quarter worth $1,955,000. Ameriflex Group Inc. acquired a new stake in shares of First Trust Intermediate Duration Preferred & Income Fund in the 4th quarter worth $157,000. Elequin Capital LP purchased a new stake in shares of First Trust Intermediate Duration Preferred & Income Fund during the fourth quarter worth about $48,000. Royal Bank of Canada boosted its stake in First Trust Intermediate Duration Preferred & Income Fund by 7.2% in the 4th quarter. Royal Bank of Canada now owns 754,823 shares of the company’s stock worth $13,587,000 after purchasing an additional 50,935 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in shares of First Trust Intermediate Duration Preferred & Income Fund by 61.2% during the fourth quarter. Cetera Investment Advisers now owns 35,304 shares of the company’s stock worth $635,000 after buying an additional 13,410 shares during the period.

About First Trust Intermediate Duration Preferred & Income Fund

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.