John Hancock Preferred Income Fund (NYSE:HPI) Sees Significant Growth in Short Interest

John Hancock Preferred Income Fund (NYSE:HPI) was the target of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 25,000 shares, a growth of 115.5% from the September 15th total of 11,600 shares. Based on an average trading volume of 35,000 shares, the days-to-cover ratio is currently 0.7 days.

HPI traded up $0.15 during trading on Thursday, reaching $21.49. 32,618 shares of the company were exchanged, compared to its average volume of 60,111. The firm has a 50 day moving average of $21.67 and a 200 day moving average of $21.31. John Hancock Preferred Income Fund has a 52 week low of $17.89 and a 52 week high of $22.00.

The firm also recently declared a monthly dividend, which will be paid on Friday, October 29th. Shareholders of record on Monday, October 11th will be given a dividend of $0.1235 per share. The ex-dividend date is Friday, October 8th. This represents a $1.48 dividend on an annualized basis and a yield of 6.90%.

Hedge funds have recently made changes to their positions in the business. West Branch Capital LLC acquired a new position in John Hancock Preferred Income Fund during the 2nd quarter worth $87,000. CX Institutional acquired a new position in John Hancock Preferred Income Fund during the 2nd quarter worth $142,000. SeaCrest Wealth Management LLC acquired a new position in John Hancock Preferred Income Fund during the 2nd quarter worth $200,000. Northern Trust Corp acquired a new position in John Hancock Preferred Income Fund during the 1st quarter worth $233,000. Finally, Mcrae Capital Management Inc. boosted its position in John Hancock Preferred Income Fund by 13.7% during the 2nd quarter. Mcrae Capital Management Inc. now owns 16,650 shares of the company’s stock worth $360,000 after acquiring an additional 2,000 shares during the period.

John Hancock Preferred Income Fund Company Profile

John Hancock Preferred Income Fund operates as a closed-end investment fund/investment trust. It seeks to provide a high level of current income consistent with preservation of capital by investing its assets in preferred stocks or other preferred securities, including convertible preferred securities.

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