John Hancock Financial Opportunities Fund (NYSE:BTO) Hits New 12-Month High – Still a Buy?

John Hancock Financial Opportunities Fund (NYSE:BTO) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $41.00 and last traded at $40.5820, with a volume of 32527 shares trading hands. The stock had previously closed at $40.45.

John Hancock Financial Opportunities Fund Trading Up 0.3%

The stock’s fifty day moving average is $38.27 and its 200-day moving average is $37.14.

John Hancock Financial Opportunities Fund Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Thursday, June 11th were given a $0.65 dividend. The ex-dividend date was Thursday, June 11th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.4%.

Institutional Investors Weigh In On John Hancock Financial Opportunities Fund

A number of institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. increased its stake in shares of John Hancock Financial Opportunities Fund by 5.3% in the 2nd quarter. Raymond James Financial Inc. now owns 558,810 shares of the financial services provider’s stock valued at $19,793,000 after purchasing an additional 28,231 shares in the last quarter. Ameriprise Financial Inc. boosted its position in John Hancock Financial Opportunities Fund by 2.5% during the second quarter. Ameriprise Financial Inc. now owns 22,951 shares of the financial services provider’s stock worth $813,000 after purchasing an additional 552 shares in the last quarter. Bank of America Corp DE boosted its position in John Hancock Financial Opportunities Fund by 24.9% during the second quarter. Bank of America Corp DE now owns 41,345 shares of the financial services provider’s stock worth $1,464,000 after purchasing an additional 8,240 shares in the last quarter. Osaic Holdings Inc. boosted its position in John Hancock Financial Opportunities Fund by 39.2% during the second quarter. Osaic Holdings Inc. now owns 17,188 shares of the financial services provider’s stock worth $609,000 after purchasing an additional 4,839 shares in the last quarter. Finally, Private Advisor Group LLC grew its holdings in John Hancock Financial Opportunities Fund by 5.8% in the third quarter. Private Advisor Group LLC now owns 21,336 shares of the financial services provider’s stock valued at $768,000 after purchasing an additional 1,174 shares during the period. 19.55% of the stock is currently owned by institutional investors and hedge funds.

John Hancock Financial Opportunities Fund Company Profile

John Hancock Financial Opportunities Fund (NYSE: BTO) is a closed-end management investment company sponsored by John Hancock Investment Management, a division of Manulife Investment Management. Since its inception in August 2004, the fund has sought to deliver total return through a combination of current income and capital appreciation. As a publicly traded fund, it offers investors access to a diversified portfolio of financial services companies that might otherwise require direct equity investments or specialized mandates.

The fund primarily invests in common stocks, preferred stocks and convertible securities issued by companies in the banking, insurance, brokerage and specialty finance sectors.