John Hancock Preferred Income Fund (NYSE:HPI) Stock Passes Above 50-Day Moving Average – What’s Next?

John Hancock Preferred Income Fund (NYSE:HPI)’s stock price crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $16.11 and traded as high as $16.39. John Hancock Preferred Income Fund shares last traded at $16.2860, with a volume of 65,341 shares trading hands.

John Hancock Preferred Income Fund Stock Up 0.5%

The firm’s fifty day moving average price is $16.11 and its 200-day moving average price is $16.12.

John Hancock Preferred Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 13th will be given a dividend of $0.1235 per share. The ex-dividend date of this dividend is Monday, July 13th. This represents a c) annualized dividend and a yield of 9.1%.

Hedge Funds Weigh In On John Hancock Preferred Income Fund

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