John Hancock Preferred Income Fund II (NYSE:HPF) Stock Price Crosses Below 50-Day Moving Average – Here’s What Happened

John Hancock Preferred Income Fund II (NYSE:HPF) passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $15.88 and traded as low as $15.71. John Hancock Preferred Income Fund II shares last traded at $15.7540, with a volume of 40,717 shares changing hands.

John Hancock Preferred Income Fund II Price Performance

The firm’s fifty day simple moving average is $15.88 and its 200-day simple moving average is $15.99.

John Hancock Preferred Income Fund II Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Thursday, June 11th will be paid a dividend of $0.1235 per share. The ex-dividend date of this dividend is Thursday, June 11th. This represents a c) annualized dividend and a dividend yield of 9.4%.

Hedge Funds Weigh In On John Hancock Preferred Income Fund II

Institutional investors and hedge funds have recently modified their holdings of the company. Western Wealth Management LLC purchased a new position in shares of John Hancock Preferred Income Fund II during the first quarter valued at approximately $66,000. Jane Street Group LLC purchased a new position in shares of John Hancock Preferred Income Fund II during the fourth quarter valued at approximately $180,000. Readystate Asset Management LP purchased a new position in shares of John Hancock Preferred Income Fund II during the third quarter valued at approximately $195,000. Kestra Private Wealth Services LLC purchased a new position in shares of John Hancock Preferred Income Fund II during the fourth quarter valued at approximately $322,000. Finally, NewEdge Advisors LLC lifted its stake in shares of John Hancock Preferred Income Fund II by 4.0% during the second quarter. NewEdge Advisors LLC now owns 20,178 shares of the company’s stock valued at $319,000 after buying an additional 770 shares during the period.

About John Hancock Preferred Income Fund II

John Hancock Preferred Income Fund II (NYSE: HPF) is a closed-end management investment company that seeks to provide a high level of current income, with a secondary objective of capital appreciation. Listed on the New York Stock Exchange, the fund primarily invests in preferred securities issued by U.S. and, to a lesser extent, international issuers. Its diversified portfolio may include investment-grade and below-investment-grade preferred stocks, corporate debt securities, convertible securities and, when deemed appropriate, common equity.

Launched in June 2006, HPF employs leverage through preferred share borrowings and other forms of financing to enhance income potential.