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

First Trust Intermediate Duration Preferred & Income Fund (NYSE:FPF) was the recipient of a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 55,800 shares, an increase of 230.2% from the September 15th total of 16,900 shares. Based on an average daily trading volume, of 178,500 shares, the days-to-cover ratio is presently 0.3 days.

Hedge Funds Weigh In On First Trust Intermediate Duration Preferred & Income Fund

Several institutional investors have recently bought and sold shares of FPF. Sanctuary Advisors LLC acquired a new stake in First Trust Intermediate Duration Preferred & Income Fund in the 2nd quarter valued at about $227,000. B. Riley Wealth Advisors Inc. boosted its stake in shares of First Trust Intermediate Duration Preferred & Income Fund by 99.3% during the second quarter. B. Riley Wealth Advisors Inc. now owns 40,326 shares of the company’s stock worth $741,000 after buying an additional 20,091 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of First Trust Intermediate Duration Preferred & Income Fund by 7.4% in the second quarter. Envestnet Asset Management Inc. now owns 156,151 shares of the company’s stock valued at $2,868,000 after purchasing an additional 10,805 shares during the period. Wetzel Investment Advisors Inc. acquired a new stake in shares of First Trust Intermediate Duration Preferred & Income Fund in the 2nd quarter worth $46,000. Finally, Magnus Financial Group LLC raised its stake in shares of First Trust Intermediate Duration Preferred & Income Fund by 1.2% during the 2nd quarter. Magnus Financial Group LLC now owns 151,467 shares of the company’s stock worth $2,782,000 after buying an additional 1,805 shares in the last quarter.

First Trust Intermediate Duration Preferred & Income Fund Price Performance

NYSE:FPF traded up $0.07 on Friday, reaching $19.39. The company’s stock had a trading volume of 66,597 shares, compared to its average volume of 159,514. The stock has a 50 day moving average price of $18.85 and a 200 day moving average price of $18.13. First Trust Intermediate Duration Preferred & Income Fund has a 12-month low of $13.91 and a 12-month high of $19.74.

First Trust Intermediate Duration Preferred & Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.1375 per share. The ex-dividend date is Tuesday, October 1st. This represents a $1.65 annualized dividend and a dividend yield of 8.51%.

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.