John Hancock Preferred Income Fund (NYSE:HPI) Stock Crosses Below 50-Day Moving Average – Should You Sell?

Shares of John Hancock Preferred Income Fund (NYSE:HPI) crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $16.02 and traded as low as $15.95. John Hancock Preferred Income Fund shares last traded at $15.97, with a volume of 80,229 shares changing hands.

John Hancock Preferred Income Fund Price Performance

The company’s 50-day simple moving average is $16.02 and its 200 day simple moving average is $16.20.

John Hancock Preferred Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Thursday, June 11th will be given a $0.1235 dividend. This represents a c) annualized dividend and a yield of 9.3%. The ex-dividend date of this dividend is Thursday, June 11th.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

Several institutional investors have recently modified their holdings of the company. Private Advisor Group LLC lifted its position in shares of John Hancock Preferred Income Fund by 4.4% during the 3rd quarter. Private Advisor Group LLC now owns 15,440 shares of the company’s stock worth $268,000 after purchasing an additional 651 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of John Hancock Preferred Income Fund by 3.7% during the 3rd quarter. NewEdge Advisors LLC now owns 20,851 shares of the company’s stock worth $362,000 after purchasing an additional 742 shares during the last quarter. LPL Financial LLC lifted its position in shares of John Hancock Preferred Income Fund by 0.4% during the 4th quarter. LPL Financial LLC now owns 188,028 shares of the company’s stock worth $3,044,000 after purchasing an additional 782 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of John Hancock Preferred Income Fund by 3.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 32,339 shares of the company’s stock worth $561,000 after purchasing an additional 998 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its position in shares of John Hancock Preferred Income Fund by 2.5% during the 4th quarter. Osaic Holdings Inc. now owns 45,877 shares of the company’s stock worth $743,000 after purchasing an additional 1,108 shares during the last quarter.

About John Hancock Preferred Income Fund

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.