Short Interest in John Hancock Preferred Income Fund (NYSE:HPI) Drops By 48.6%

John Hancock Preferred Income Fund (NYSE:HPI) was the target of a large decline in short interest in the month of January. As of January 30th, there was short interest totaling 15,401 shares, a decline of 48.6% from the January 15th total of 29,962 shares. Based on an average daily trading volume, of 49,650 shares, the days-to-cover ratio is currently 0.3 days. Based on an average daily trading volume, of 49,650 shares, the days-to-cover ratio is currently 0.3 days.

John Hancock Preferred Income Fund Stock Down 0.6%

HPI stock traded down $0.09 during trading on Thursday, hitting $16.22. 36,623 shares of the company traded hands, compared to its average volume of 56,337. The stock’s 50-day simple moving average is $16.36 and its 200 day simple moving average is $16.63. John Hancock Preferred Income Fund has a 1 year low of $14.61 and a 1 year high of $17.72.

John Hancock Preferred Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, February 27th. Stockholders of record on Thursday, February 12th will be paid a dividend of $0.1235 per share. This represents a c) annualized dividend and a dividend yield of 9.1%. The ex-dividend date of this dividend is Thursday, February 12th.

Hedge Funds Weigh In On John Hancock Preferred Income Fund

Large investors have recently bought and sold shares of the business. Private Advisor Group LLC lifted its holdings in John Hancock Preferred Income Fund by 4.4% during the third quarter. Private Advisor Group LLC now owns 15,440 shares of the company’s stock valued at $268,000 after purchasing an additional 651 shares in the last quarter. Mallini Complete Financial Planning LLC grew its position in shares of John Hancock Preferred Income Fund by 4.1% in the third quarter. Mallini Complete Financial Planning LLC now owns 17,669 shares of the company’s stock valued at $307,000 after purchasing an additional 689 shares in the last quarter. NewEdge Advisors LLC lifted its position in John Hancock Preferred Income Fund by 3.7% during the third quarter. NewEdge Advisors LLC now owns 20,851 shares of the company’s stock worth $362,000 after buying an additional 742 shares in the last quarter. LPL Financial LLC boosted its stake in John Hancock Preferred Income Fund by 0.4% during the fourth quarter. LPL Financial LLC now owns 188,028 shares of the company’s stock worth $3,044,000 after buying an additional 782 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in John Hancock Preferred Income Fund by 3.2% during the third quarter. Envestnet Asset Management Inc. now owns 32,339 shares of the company’s stock worth $561,000 after buying an additional 998 shares during the last quarter.

About John Hancock Preferred Income Fund

John Hancock Preferred Income Fund (NYSE: HPI) is a closed-end management investment company structured as a statutory trust under the Investment Company Act of 1940. The fund’s primary objective is to provide high current income with growth of capital as a secondary goal. It pursues this objective principally through investments in preferred securities, debt instruments and, to a lesser extent, equity securities.

The fund focuses on preferred stocks issued by U.S. and foreign issuers across a variety of industries, including financials, utilities and industrials.