John Hancock Preferred Income Fund III (NYSE:HPS) Sees Large Growth in Short Interest

John Hancock Preferred Income Fund III (NYSE:HPS) saw a significant growth in short interest in March. As of March 13th, there was short interest totalling 161,300 shares, a growth of 158.5% from the February 27th total of 62,400 shares. Currently, 0.5% of the shares of the stock are sold short. Based on an average daily volume of 85,000 shares, the days-to-cover ratio is currently 1.9 days.

Shares of NYSE HPS traded up $1.36 during midday trading on Thursday, hitting $14.33. 247,700 shares of the company’s stock were exchanged, compared to its average volume of 133,981. John Hancock Preferred Income Fund III has a 12-month low of $8.05 and a 12-month high of $20.17. The business’s fifty day moving average price is $17.09 and its two-hundred day moving average price is $18.73.

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Thursday, March 12th will be issued a dividend of $0.11 per share. This represents a $1.32 annualized dividend and a dividend yield of 9.21%. The ex-dividend date is Wednesday, March 11th.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BCJ Capital Management LLC grew its holdings in shares of John Hancock Preferred Income Fund III by 5.4% during the fourth quarter. BCJ Capital Management LLC now owns 27,329 shares of the company’s stock worth $527,000 after purchasing an additional 1,409 shares in the last quarter. Ameritas Investment Company LLC grew its holdings in shares of John Hancock Preferred Income Fund III by 618.4% during the fourth quarter. Ameritas Investment Company LLC now owns 3,944 shares of the company’s stock worth $76,000 after purchasing an additional 3,395 shares in the last quarter. Guggenheim Capital LLC grew its holdings in shares of John Hancock Preferred Income Fund III by 15.3% during the fourth quarter. Guggenheim Capital LLC now owns 55,105 shares of the company’s stock worth $1,063,000 after purchasing an additional 7,296 shares in the last quarter. UBS Group AG grew its holdings in shares of John Hancock Preferred Income Fund III by 8.5% during the fourth quarter. UBS Group AG now owns 487,834 shares of the company’s stock worth $9,410,000 after purchasing an additional 38,234 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of John Hancock Preferred Income Fund III by 131.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,631 shares of the company’s stock worth $31,000 after purchasing an additional 925 shares in the last quarter.

About John Hancock Preferred Income Fund III

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

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