PFD, PFO, FFC, FLC and DFP Announce Increased August, September and October Dividends
22 Julho 2020 - 6:04PM
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 August, September and October,
2020 as follows:
August
September
October
PFD
$0.086
$0.086
$0.086
PFO
$0.068
$0.068
$0.068
FFC
$0.129
$0.129
$0.129
FLC
$0.132
$0.132
$0.132
DFP
$0.165
$0.165
$0.165
Payment Date
August 31, 2020
September 30, 2020
October 30, 2020
Record Date
August 24, 2020
September 23, 2020
October 23, 2020
Ex-Dividend Date
August 21, 2020
September 22, 2020
October 22, 2020
Each of these new dividends represents an increase from April’s
dividend of +10.3% for PFD, +7.1% for PFO, +9.3% for FFC, +9.1% for
FLC and +9.6% for DFP.
R. Eric Chadwick, Chairman of the Board of each fund, said “In
response to COVID-19, the Federal Reserve has taken unprecedented
steps to improve financial conditions, and the fed funds target
rate remains at 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 1.0% most recently, while leverage balances
have remained unchanged. As a result, like our last dividend
increase for May, we have adjusted dividend rates higher to better
reflect projected annual net income available for distribution to
common shareholders. While we recognize that the risks and impact
of the pandemic are unknown, we nonetheless remain cautiously
optimistic on the preferred and contingent capital securities
markets, especially from the viewpoint of long-term income
investors.”
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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version on businesswire.com: https://www.businesswire.com/news/home/20200722005920/en/
Flaherty & Crumrine Incorporated Chad Conwell,
626-795-7300
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