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

John Hancock Preferred Income Fund (NYSE:HPI) was the target of a large growth in short interest in March. As of March 13th, there was short interest totaling 78,177 shares, a growth of 1,599.1% from the February 26th total of 4,601 shares. Based on an average daily volume of 58,443 shares, the days-to-cover ratio is currently 1.3 days. Based on an average daily volume of 58,443 shares, the days-to-cover ratio is currently 1.3 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Private Advisor Group LLC raised its position in John Hancock Preferred Income Fund by 4.4% in the 3rd quarter. Private Advisor Group LLC now owns 15,440 shares of the company’s stock valued at $268,000 after purchasing an additional 651 shares during the last quarter. Arlington Capital Management Inc. acquired a new position in John Hancock Preferred Income Fund in the third quarter worth $219,000. B. Riley Wealth Advisors Inc. bought a new stake in shares of John Hancock Preferred Income Fund during the second quarter worth $204,000. Stifel Financial Corp bought a new stake in shares of John Hancock Preferred Income Fund during the fourth quarter worth $177,000. Finally, Birchwood Financial Partners Inc. acquired a new stake in shares of John Hancock Preferred Income Fund in the fourth quarter valued at $73,000.

John Hancock Preferred Income Fund Trading Down 0.5%

HPI stock traded down $0.08 during trading on Tuesday, hitting $15.59. 77,517 shares of the stock traded hands, compared to its average volume of 59,518. John Hancock Preferred Income Fund has a one year low of $14.61 and a one year high of $17.61. The company has a 50 day simple moving average of $16.15 and a 200 day simple moving average of $16.65.

John Hancock Preferred Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Thursday, March 12th will be paid a $0.1235 dividend. The ex-dividend date is Thursday, March 12th. This represents a c) dividend on an annualized basis and a dividend yield of 9.5%.

John Hancock Preferred Income Fund Company Profile

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.