John Hancock Preferred Income Fund (NYSE:HPI) Share Price Crosses Below Fifty Day Moving Average – Should You Sell?

John Hancock Preferred Income Fund (NYSE:HPI)’s stock price passed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $16.19 and traded as low as $15.87. John Hancock Preferred Income Fund shares last traded at $15.8960, with a volume of 27,264 shares trading hands.

John Hancock Preferred Income Fund Stock Down 2.3%

The company has a 50 day moving average of $16.18 and a two-hundred day moving average of $16.65.

John Hancock Preferred Income Fund Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada grew its stake in John Hancock Preferred Income Fund by 0.3% in the 1st quarter. Royal Bank of Canada now owns 567,767 shares of the company’s stock valued at $9,419,000 after acquiring an additional 1,753 shares during the period. Envestnet Asset Management Inc. lifted its holdings in John Hancock Preferred Income Fund by 6.1% during the second quarter. Envestnet Asset Management Inc. now owns 31,341 shares of the company’s stock valued at $501,000 after purchasing an additional 1,806 shares in the last quarter. Allworth Financial LP grew its position in shares of John Hancock Preferred Income Fund by 181.9% in the second quarter. Allworth Financial LP now owns 4,237 shares of the company’s stock valued at $68,000 after purchasing an additional 2,734 shares during the period. J.W. Cole Advisors Inc. increased its stake in shares of John Hancock Preferred Income Fund by 37.8% during the second quarter. J.W. Cole Advisors Inc. now owns 96,866 shares of the company’s stock worth $1,549,000 after purchasing an additional 26,571 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of John Hancock Preferred Income Fund by 4.1% during the second quarter. Invesco Ltd. now owns 195,985 shares of the company’s stock worth $3,134,000 after purchasing an additional 7,799 shares in the last quarter.

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.