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

by · The Markets Daily

John Hancock Preferred Income Fund (NYSE:HPI – Get Free Report) was the recipient of a significant growth in short interest in October. As of October 15th, there was short interest totalling 61,000 shares, a growth of 22.2% from the September 30th total of 49,900 shares. Based on an average daily trading volume, of 46,300 shares, the days-to-cover ratio is presently 1.3 days.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

Large investors have recently added to or reduced their stakes in the stock. US Bancorp DE purchased a new position in shares of John Hancock Preferred Income Fund in the 3rd quarter worth approximately $95,000. Wedbush Securities Inc. boosted its stake in shares of John Hancock Preferred Income Fund by 5.3% during the 2nd quarter. Wedbush Securities Inc. now owns 11,883 shares of the company’s stock worth $199,000 after purchasing an additional 600 shares during the period. Commonwealth Equity Services LLC grew its holdings in John Hancock Preferred Income Fund by 1.3% during the 2nd quarter. Commonwealth Equity Services LLC now owns 278,544 shares of the company’s stock valued at $4,654,000 after purchasing an additional 3,692 shares during the last quarter. TSP Capital Management Group LLC raised its position in John Hancock Preferred Income Fund by 1.1% in the 2nd quarter. TSP Capital Management Group LLC now owns 126,865 shares of the company’s stock worth $2,120,000 after purchasing an additional 1,400 shares during the period. Finally, Raymond James & Associates lifted its stake in John Hancock Preferred Income Fund by 1.7% in the second quarter. Raymond James & Associates now owns 80,060 shares of the company’s stock worth $1,338,000 after purchasing an additional 1,351 shares during the last quarter.

John Hancock Preferred Income Fund Stock Performance

NYSE HPI traded up $0.09 during trading on Wednesday, hitting $18.00. 44,614 shares of the stock traded hands, compared to its average volume of 52,606. The firm has a 50-day simple moving average of $18.21 and a 200-day simple moving average of $17.24. John Hancock Preferred Income Fund has a 12-month low of $13.05 and a 12-month high of $19.43.

John Hancock Preferred Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a $0.1235 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 8.23%. The ex-dividend date is Friday, October 11th.

About John Hancock Preferred Income Fund

(Get Free Report)

John Hancock Preferred Income Fund is a closed ended balanced mutual fund launched and managed by John Hancock Investment Management LLC. It is co-managed by John Hancock Asset Management. The fund invests in the public equity and fixed income markets of the United States. It seeks to invest in securities of companies operating across diversified sectors.

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