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

John Hancock Preferred Income Fund (NYSE:HPI)’s stock price passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $16.07 and traded as high as $16.32. John Hancock Preferred Income Fund shares last traded at $16.1650, with a volume of 37,631 shares traded.

John Hancock Preferred Income Fund Stock Performance

The business has a 50 day moving average of $16.07 and a 200 day moving average of $16.17.

John Hancock Preferred Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Thursday, June 11th will be issued a dividend of $0.1235 per share. This represents a c) annualized dividend and a dividend yield of 9.2%. The ex-dividend date of this dividend is Thursday, June 11th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HPI. Huntington National Bank bought a new stake in John Hancock Preferred Income Fund in the third quarter worth $35,000. Arax Advisory Partners bought a new position in John Hancock Preferred Income Fund during the fourth quarter valued at $37,000. Birchwood Financial Partners Inc. purchased a new position in shares of John Hancock Preferred Income Fund in the 4th quarter worth $73,000. Allworth Financial LP grew its stake in shares of John Hancock Preferred Income Fund by 47.7% in the 3rd quarter. Allworth Financial LP now owns 6,260 shares of the company’s stock worth $109,000 after buying an additional 2,023 shares in the last quarter. Finally, Stifel Financial Corp purchased a new position in shares of John Hancock Preferred Income Fund in the 4th quarter worth $177,000.

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.