Statistics of Price Movements of Flaherty & Crumrine Preferred Inc (PFD)

The price movements of Flaherty & Crumrine Preferred Inc (ticker PFD) are summarized in five ways:

• Table 1. Statistics of daily price changes using the closing prices
• Table 2. Statistics of daily price changes using the closing and opening prices
• Table 3 – 7. Statistics of daily price changes when PFD opened with an increase of 1%, 2%, 3%, 4%, or more than 5%
• Table 8 – 10. Statistics of stock price changes in the 20 days after PFD had a big price move
• Table 11. Statistics of daily price changes in the 20 days after PFD moved 5% with twice the 30-day average volume

The statistics are calculated using PFD's price data across 1,549 trading days from 2015 to 2020.

Table 1. Statistics of PFD one-day price changes

In this table, the one-day price change is calculated using the closing price and the previous day's closing price.

In the past 1,549 trading days, 49.9% of the time (772 days), PFD closed above the previous day's closing price. 43.9% of the time (679 days), it closed below the previous day's closing price. 6.3% of the time (97 days), it did not change.

Also see: VIX price movement study.

PFD Price Change (%)	Number of Days	% of Total Sessions
20 – 21%	1	0.06%
14 – 15%	1	0.06%
11 – 12%	1	0.06%
10 – 11%	1	0.06%
9 – 10%	1	0.06%
8 – 9%	1	0.06%
7 – 8%	1	0.06%
5 – 6%	5	0.32%
4 – 5%	2	0.13%
3 – 4%	10	0.65%
2 – 3%	39	2.52%
1 – 2%	161	10.40%
0 – 1%	548	35.40%
0%	97	6.27%
0 – -1%	488	31.52%
-1 – -2%	118	7.62%
-2 – -3%	43	2.78%
-3 – -4%	16	1.03%
-4 – -5%	6	0.39%
-5 – -6%	2	0.13%
-6 – -7%	1	0.06%
-8 – -9%	1	0.06%
-11 – -12%	1	0.06%
-12 – -13%	1	0.06%
-15 – -16%	1	0.06%
-25 – -26%	1	0.06%

Table 2. Statistics of PFD: Closing vs. Open

In this table, instead of using the closing price of the previous day, the opening price is used to calculate the one-day price change of PFD.

46.9% of the time (727 days), PFD closed above the opening price. 46.0% of the time (713 days), it closed below the opening price. 7.0% of the time (109 days), it closed where it started.

Closing - Open (%)	Number of Days	% of Total Sessions
18 – 19%	1	0.06%
15 – 16%	1	0.06%
11 – 12%	1	0.06%
5 – 6%	2	0.13%
4 – 5%	7	0.45%
3 – 4%	11	0.71%
2 – 3%	32	2.07%
1 – 2%	149	9.62%
0 – 1%	523	33.76%
0%	109	7.04%
0 – -1%	514	33.18%
-1 – -2%	140	9.04%
-2 – -3%	42	2.71%
-3 – -4%	11	0.71%
-4 – -5%	1	0.06%
-6 – -7%	1	0.06%
-9 – -10%	2	0.13%
-12 – -13%	1	0.06%
-22 – -23%	1	0.06%

Table 3. One-day performance when PFD opened 5% higher than previous close

In the past 1,549 trading days, PFD opened more than 5% higher than the previous day's closing price 1 times. Of these days, 100.0% (1 days) had closing prices above the opening price, and 0.0% (0 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
4 – 5%	1	100.00%

Table 4. Closing vs. open when PFD opened 4–5% higher

On 2 days, PFD opened 4–5% higher than the previous day's closing price. Of these days, 50.0% (1 days) had closing prices above the opening price, and 50.0% (1 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
4 – 5%	1	50.00%
-3 – -4%	1	50.00%

Table 5. Closing vs. open when PFD open 3 – 4% higher

5 times PFD opened 3 – 4% higher than the previous day's closing price. Among these days, 40.0% (2 days) closed above the opening price, 60.0% (3 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
15 – 16%	1	20.00%
4 – 5%	1	20.00%
-1 – -2%	1	20.00%
-3 – -4%	2	40.00%

Table 6. Closing vs. open when PFD open 2 – 3% higher

11 times PFD opened 2 – 3% higher than the previous day's closing price. Among these days, 63.6% (7 days) closed above the opening price, 36.4% (4 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
11 – 12%	1	9.09%
5 – 6%	1	9.09%
3 – 4%	2	18.18%
2 – 3%	1	9.09%
1 – 2%	2	18.18%
0 – -1%	1	9.09%
-2 – -3%	3	27.27%

Table 7. Closing vs. open when PFD open 1 – 2% higher

59 times PFD opened 1 – 2% higher than the previous day's closing price. Among these days, 25.4% (15 days) closed above the opening price, 74.6% (44 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
1 – 2%	3	5.08%
0 – 1%	12	20.34%
0 – -1%	25	42.37%
-1 – -2%	15	25.42%
-2 – -3%	1	1.69%
-3 – -4%	2	3.39%
-9 – -10%	1	1.69%

Table 8. Periods when PFD moved 15% or more

In this table, we track the price movements in the 20 days after PFD had a one-day price change of at least 15%.

Date	Price Change	Price Change after 15% Move
Days after:		1	4	7	10	13	16	19
20200324	20.3%	14.4	18.1	13.4	17.9	32.8	29.8	31.0
20200323	-15.9%	20.4	43.5	35.9	34.9	59.9	58.6	56.3
20200318	-25.6%	11.2	23.9	47.7	40.0	38.8	64.6	63.3

Table 8a. PFD average price changes following a 15% up day

Of the 1,549 trading days from 2015 to 2020, there were 1 days in which PFD was up more than 15%. This table shows the average price changes over the 1 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 15%	14.4	18.1	13.4	17.9	32.8	29.8	31.0

Table 8b. PFD average price changes following a 15% down day

Of the 1,549 trading days from 2015 to 2020, there were 2 days in which PFD was down more than -15%. This table shows the average price changes over the 2 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -15%	15.8	33.7	41.8	37.4	49.4	61.6	59.8

Table 9. Periods when PFD moved 10% or more

In this table, we track the price movements in the 20 days after PFD had a one-day price change of at least 10%.

Date	Price Change	Price Change after 10% Move
Days after:		1	4	7	10	13	16	19
20200324	20.3%	14.4	18.1	13.4	17.9	32.8	29.8	31.0
20200325	14.4%	7.7	5.0	-3.1	11.7	9.6	14.0	10.7
20200319	11.2%	10.1	27.5	31.6	26.4	31.4	48.0	44.6
20200320	10%	-15.9	24.8	21.6	12.2	29.4	26.9	32.0
20200316	-11.5%	-6.8	-15.1	-1.7	1.5	-2.6	1.3	14.1
20200312	-12.3%	9.2	-33.1	-31.1	2.2	-.4	-8.1	6.0
20200323	-15.9%	20.4	43.5	35.9	34.9	59.9	58.6	56.3
20200318	-25.6%	11.2	23.9	47.7	40.0	38.8	64.6	63.3

Table 9a. PFD average price changes following a 10% up day

Of the 1,549 trading days from 2015 to 2020, there were 4 days in which PFD was up more than 10%. This table shows the average price changes over the 4 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 10%	4.1	18.8	15.9	17.1	25.8	29.7	29.6

Table 9b. PFD average price changes following a 10% down day

Of the 1,549 trading days from 2015 to 2020, there were 4 days in which PFD was down more than -10%. This table shows the average price changes over the 4 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -10%	8.5	4.8	12.7	19.6	23.9	29.1	34.9

Table 10. Periods when PFD moved 5% or more

In this table, we track the price movements in the 20 days after PFD had a one-day price change of at least 5%.

Date	Price Change	Price Change after 5% Move
Days after:		1	4	7	10	13	16	19
20200324	20.3%	14.4	18.1	13.4	17.9	32.8	29.8	31.0
20200325	14.4%	7.7	5.0	-3.1	11.7	9.6	14.0	10.7
20200319	11.2%	10.1	27.5	31.6	26.4	31.4	48.0	44.6
20200320	10%	-15.9	24.8	21.6	12.2	29.4	26.9	32.0
20200313	9.1%	-11.6	-31.8	-24.0	-9.4	-14.2	-14.9	.9
20200408	8.4%	3.9	3.0	1.5	1.4	5.3	9.7	9.1
20200326	7.7%	-3.3	-8.4	-9.1	7.7	6.9	5.3	5.2
20200302	5.5%	2.7	-1.0	-7.6	-21.7	-39.7	-32.8	-19.9
20200429	5.5%	-1.5	-2.0	-1.2	-3.3	-3.6	4.5	3.1
20200520	5.5%	1.4	.0	2.2	7.6	2.5	-3.7	3.3
20200407	5.2%	8.4	6.3	10.6	7.5	12.2	20.8	17.0
20200414	5%	-1.5	-.6	-1.5	2.4	5.1	6.3	6.6
20200413	-5.6%	5.1	3.5	3.4	7.4	11.9	11.3	12.2
20200401	-5.9%	.4	4.4	17.6	14.9	16.0	14.9	19.5
20200317	-6.7%	-25.7	-23.5	13.6	10.6	2.1	17.8	15.5
20200225	-8.3%	-.1	-1.7	2.2	-6.3	-13.0	-46.7	-45.1
20200316	-11.5%	-6.8	-15.1	-1.7	1.5	-2.6	1.3	14.1
20200312	-12.3%	9.2	-33.1	-31.1	2.2	-.4	-8.1	6.0
20200323	-15.9%	20.4	43.5	35.9	34.9	59.9	58.6	56.3
20200318	-25.6%	11.2	23.9	47.7	40.0	38.8	64.6	63.3

Table 10a. PFD average price changes following a 5% up day

Of the 1,549 trading days from 2015 to 2020, there were 12 days in which PFD was up more than 5%. This table shows the average price changes over the 12 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ 5%	1.2	3.4	2.9	5.0	6.5	9.5	12.0

Table 10b. PFD average price changes following a 5% down day

Of the 1,549 trading days from 2015 to 2020, there were 8 days in which PFD was down more than -5%. This table shows the average price changes over the 8 days.

Average Type	Average Price Change
Days after:	1	4	7	10	13	16	19
Avg for Change ≥ -5%	1.7	.2	11.0	13.1	14.1	14.2	17.7

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Also see: VIX price movement study.