John Hancock Preferred Income Fund (NYSE:HPI – Get Free Report) saw a large decline in short interest in the month of September. As of September 30th, there was short interest totaling 116,055 shares, a decline of 45.5% from the September 15th total of 213,037 shares. Based on an average daily trading volume, of 166,052 shares, the short-interest ratio is currently 0.7 days.
John Hancock Preferred Income Fund Price Performance
HPI stock traded up $0.11 during mid-day trading on Friday, reaching $13.56. The company had a trading volume of 95,256 shares, compared to its average volume of 64,311. The firm has a 50 day moving average of $14.98 and a 200 day moving average of $15.69. John Hancock Preferred Income Fund has a 12 month low of $13.30 and a 12 month high of $17.42.
John Hancock Preferred Income Fund Announces Dividend
The company also recently announced a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, October 13th will be given a dividend of $0.1235 per share. The ex-dividend date of this dividend is Tuesday, October 13th. This represents a $1.48 dividend on an annualized basis and a yield of 10.9%.
Institutional Investors Weigh In On John Hancock Preferred Income Fund
Several hedge funds have recently made changes to their positions in HPI. TSP Capital Management Group LLC increased its stake in shares of John Hancock Preferred Income Fund by 2.5% during the third quarter. TSP Capital Management Group LLC now owns 207,710 shares of the company’s stock valued at $2,908,000 after buying an additional 5,075 shares during the period. Compass Financial Management LLC bought a new stake in shares of John Hancock Preferred Income Fund in the second quarter valued at about $106,000. Norris Financial Group LLC bought a new stake in shares of John Hancock Preferred Income Fund in the first quarter valued at about $323,000. Readystate Asset Management LP purchased a new stake in John Hancock Preferred Income Fund in the first quarter worth about $203,000. Finally, Royal Bank of Canada lifted its stake in John Hancock Preferred Income Fund by 1.1% in the first quarter. Royal Bank of Canada now owns 254,181 shares of the company’s stock worth $3,988,000 after acquiring an additional 2,823 shares during the period.
About John Hancock Preferred Income Fund
John Hancock Preferred Income Fund (NYSE: HPI) is a diversified closed-end fund that seeks to provide investors with a high level of current income. The fund invests primarily in preferred securities and other income-producing securities, including preferred stocks, bonds and related fixed-income instruments.
The fund may invest across a range of industries and geographic markets, with its portfolio generally focused on securities issued by companies in the United States and other developed markets.
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