John Hancock Preferred Income Fund (NYSE:HPI) Stock Price Passes Above 50 Day Moving Average of $17.46

Shares of John Hancock Preferred Income Fund (NYSE:HPI) crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $17.46 and traded as high as $18.62. John Hancock Preferred Income Fund shares last traded at $18.47, with a volume of 20,281 shares changing hands.

John Hancock Preferred Income Fund Stock Up 0.9 %

The firm’s fifty day simple moving average is $17.49 and its 200 day simple moving average is $16.87.

John Hancock Preferred Income Fund Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.1235 dividend. This is a positive change from John Hancock Preferred Income Fund’s previous monthly dividend of $0.12. The ex-dividend date is Friday, September 13th. This represents a $1.48 dividend on an annualized basis and a yield of 8.03%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Commonwealth Equity Services LLC lifted its stake in John Hancock Preferred Income Fund by 9.8% in the 1st quarter. Commonwealth Equity Services LLC now owns 274,852 shares of the company’s stock worth $4,571,000 after acquiring an additional 24,559 shares in the last quarter. TSP Capital Management Group LLC increased its holdings in shares of John Hancock Preferred Income Fund by 10.5% in the 1st quarter. TSP Capital Management Group LLC now owns 125,465 shares of the company’s stock valued at $2,086,000 after purchasing an additional 11,950 shares during the period. CWM LLC purchased a new stake in shares of John Hancock Preferred Income Fund in the first quarter worth approximately $58,000. Private Advisor Group LLC boosted its holdings in shares of John Hancock Preferred Income Fund by 10.5% during the first quarter. Private Advisor Group LLC now owns 21,964 shares of the company’s stock worth $365,000 after purchasing an additional 2,086 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its position in John Hancock Preferred Income Fund by 8.2% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 18,451 shares of the company’s stock valued at $293,000 after purchasing an additional 1,391 shares in the last quarter.

John Hancock Preferred Income Fund Company Profile

John Hancock Preferred Income Fund is a closed ended balanced mutual fund launched and managed by John Hancock Investment Management LLC. It is co-managed by John Hancock Asset Management. The fund invests in the public equity and fixed income markets of the United States. It seeks to invest in securities of companies operating across diversified sectors.