John Hancock Financial Opportunities Fund (NYSE:BTO) hit a new 52-week high on Tuesday after the company announced a dividend. The stock traded as high as $38.77 and last traded at $38.39, with a volume of 65800 shares. The stock had previously closed at $37.56.

The newly announced dividend which will be paid on Friday, December 29th. Stockholders of record on Monday, December 11th will be issued a dividend of $0.3701 per share. The ex-dividend date is Friday, December 8th. This represents a $1.48 annualized dividend and a dividend yield of 3.89%.

Separately, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of John Hancock Financial Opportunities Fund in a research report on Thursday, September 7th.

Several institutional investors have recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC purchased a new stake in shares of John Hancock Financial Opportunities Fund during the third quarter valued at $104,000. Janney Montgomery Scott LLC boosted its position in shares of John Hancock Financial Opportunities Fund by 6.8% during the third quarter. Janney Montgomery Scott LLC now owns 189,887 shares of the financial services provider’s stock valued at $7,075,000 after buying an additional 12,075 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of John Hancock Financial Opportunities Fund by 71.4% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,958 shares of the financial services provider’s stock valued at $222,000 after buying an additional 2,481 shares during the last quarter. BB&T Securities LLC boosted its position in shares of John Hancock Financial Opportunities Fund by 15.6% during the third quarter. BB&T Securities LLC now owns 12,701 shares of the financial services provider’s stock valued at $473,000 after buying an additional 1,713 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of John Hancock Financial Opportunities Fund by 0.6% during the third quarter. Wells Fargo & Company MN now owns 307,256 shares of the financial services provider’s stock valued at $11,448,000 after buying an additional 1,808 shares during the last quarter. 19.63% of the stock is currently owned by institutional investors.

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About John Hancock Financial Opportunities Fund

John Hancock Financial Opportunities Fund (the Fund) is a closed-end, diversified management investment company. The Fund’s investment objective is to provide a high level of total return consisting of long-term capital appreciation and current income. The Fund utilizes a credit facility agreement to increase its assets available for investments.

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