PFD, PFO, FFC, FLC and DFP Announce Increased May, June and July Dividends
24 Abril 2020 - 10:30AM
Business Wire
The Boards of Directors of Flaherty & Crumrine Preferred and
Income Fund Incorporated (NYSE: PFD), Flaherty &
Crumrine Preferred and Income Opportunity Fund Incorporated
(NYSE: PFO), Flaherty & Crumrine Preferred and Income
Securities 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 May, June and July, 2020 as
follows:
May
June
July
PFD
$0.078
$0.078
$0.078
PFO
$0.0635
$0.0635
$0.0635
FFC
$0.118
$0.118
$0.118
FLC
$0.121
$0.121
$0.121
DFP
$0.1505
$0.1505
$0.1505
Payment Date
May 29, 2020
June 30, 2020
July 31, 2020
Record Date
May 22, 2020
June 23, 2020
July 24, 2020
Ex-Dividend Date
May 21, 2020
June 22, 2020
July 23, 2020
Each of these new dividends represents an increase from April’s
dividend of +4.0% for PFD, +1.6% for PFO, +5.4% for FFC, +5.2% for
FLC and +5.2% for DFP.
R. Eric Chadwick, Chairman of the Board of each fund, said “In
response to COVID-19, and a sudden halt in economic activity
brought on by measures to flatten its spread, prices of preferred
and contingent capital securities in the first three weeks of March
moved lower rapidly and relentlessly. COVID-19 will prove to be a
terrible event in both human and economic terms. Although markets
have calmed considerably from their drastic initial moves, no one
knows the full magnitude of this crisis just yet. We still face
another several weeks to several months of mandated safer-at-home
orders and social-distancing, followed by a cautious, staggered
approach to re-open our economy thereafter. And, there remains much
uncertainty on timing. In the meantime, we continue to monitor
credits and security valuations closely and work to position the
funds to meet their objectives – and for the best chance of
recovery in asset values as the pandemic recedes.”
Mr. Chadwick continued, “In response to this crisis, the Federal
Reserve has taken unprecedented steps to improve financial
conditions, and the fed funds target rate is back to its
financial-crisis low of 0-0.25%. This move lower in all short-term
rates has caused leverage expense to decline from an average of
about 3.1% in 2019 to about 1.5% most recently, while leverage
balances have remained unchanged. Consequently, we have increased
dividends modestly to better reflect projected annual net income
available for distribution to common shareholders. We remain
cautiously optimistic on the preferred and contingent capital
securities markets, especially from the viewpoint of long-term
income investors. However, we acknowledge that there is limited
modern historical precedent for this pandemic and its global
economic impact, making our ‘crystal ball’ unusually cloudy.”
The tax breakdown of all 2020 distributions will be available
early in 2021, 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 and other-income
producing 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 income-producing securities.
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Flaherty & Crumrine Incorporated Chad Conwell,
626-795-7300
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