John Hancock Preferred Income Fund (NYSE:HPI) Sees Large Increase in Short Interest

John Hancock Preferred Income Fund (NYSE:HPI) saw a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 65,300 shares, a growth of 11.2% from the August 31st total of 58,700 shares. Based on an average daily trading volume, of 46,700 shares, the short-interest ratio is presently 1.4 days.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. CWM LLC acquired a new position in shares of John Hancock Preferred Income Fund in the first quarter worth about $58,000. Wedbush Securities Inc. lifted its stake in shares of John Hancock Preferred Income Fund by 5.3% in the second quarter. Wedbush Securities Inc. now owns 11,883 shares of the company’s stock worth $199,000 after acquiring an additional 600 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in shares of John Hancock Preferred Income Fund by 8.2% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 18,451 shares of the company’s stock worth $293,000 after acquiring an additional 1,391 shares in the last quarter. Private Advisor Group LLC raised its stake in 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 valued at $365,000 after buying an additional 2,086 shares in the last quarter. Finally, Raymond James & Associates raised its stake in John Hancock Preferred Income Fund by 1.7% during the second quarter. Raymond James & Associates now owns 80,060 shares of the company’s stock valued at $1,338,000 after buying an additional 1,351 shares in the last quarter.

John Hancock Preferred Income Fund Trading Up 0.6 %

Shares of NYSE:HPI traded up $0.11 during trading on Tuesday, hitting $19.06. The company’s stock had a trading volume of 49,542 shares, compared to its average volume of 53,507. John Hancock Preferred Income Fund has a fifty-two week low of $12.85 and a fifty-two week high of $19.10. The stock’s 50-day moving average price is $17.55 and its two-hundred day moving average price is $16.91.

John Hancock Preferred Income Fund Increases Dividend

The firm also recently declared a monthly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.1235 dividend. This is a boost from John Hancock Preferred Income Fund’s previous monthly dividend of $0.12. The ex-dividend date was Friday, September 13th. This represents a $1.48 annualized dividend and a dividend yield of 7.78%.

About John Hancock Preferred Income Fund

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.