John Hancock Preferred Income Fund (NYSE:HPI) Sees Large Increase in Short Interest

John Hancock Preferred Income Fund (NYSE:HPI) was the target of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 78,177 shares, a growth of 1,599.1% from the February 26th total of 4,601 shares. Based on an average daily volume of 58,443 shares, the days-to-cover ratio is presently 1.3 days. Based on an average daily volume of 58,443 shares, the days-to-cover ratio is presently 1.3 days.

John Hancock Preferred Income Fund Stock Performance

Shares of John Hancock Preferred Income Fund stock traded down $0.08 during midday trading on Tuesday, reaching $15.59. The company had a trading volume of 77,517 shares, compared to its average volume of 59,518. The stock has a fifty day simple moving average of $16.15 and a 200 day simple moving average of $16.65. John Hancock Preferred Income Fund has a 1-year low of $14.61 and a 1-year high of $17.61.

John Hancock Preferred Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Thursday, March 12th will be paid a $0.1235 dividend. This represents a c) annualized dividend and a dividend yield of 9.5%. The ex-dividend date of this dividend is Thursday, March 12th.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

A number of institutional investors and hedge funds have recently made changes to their positions in HPI. Huntington National Bank acquired a new position in shares of John Hancock Preferred Income Fund during the third quarter valued at $35,000. Arax Advisory Partners acquired a new stake in John Hancock Preferred Income Fund in the fourth quarter worth about $37,000. Birchwood Financial Partners Inc. acquired a new stake in John Hancock Preferred Income Fund in the fourth quarter worth about $73,000. Allworth Financial LP raised its holdings in John Hancock Preferred Income Fund by 47.7% during the 3rd quarter. Allworth Financial LP now owns 6,260 shares of the company’s stock worth $109,000 after purchasing an additional 2,023 shares during the last quarter. Finally, Stifel Financial Corp bought a new stake in John Hancock Preferred Income Fund during the 4th quarter worth about $177,000.

John Hancock Preferred Income Fund Company Profile

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.