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

John Hancock Preferred Income Fund (NYSE:HPI) was the recipient of a large drop in short interest in September. As of September 30th, there was short interest totaling 116,055 shares, a drop of 45.5% from the September 15th total of 213,037 shares. Based on an average daily trading volume, of 166,052 shares, the days-to-cover ratio is presently 0.7 days.

John Hancock Preferred Income Fund Stock Down 0.3%

Shares of John Hancock Preferred Income Fund stock opened at $13.61 on Wednesday. John Hancock Preferred Income Fund has a twelve month low of $13.49 and a twelve month high of $17.42. The firm’s 50-day moving average price is $15.14 and its 200 day moving average price is $15.73.

John Hancock Preferred Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, October 13th will be issued a dividend of $0.1235 per share. The ex-dividend date of this dividend is Tuesday, October 13th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 10.9%.

Institutional Trading of John Hancock Preferred Income Fund

A number of institutional investors have recently made changes to their positions in the company. Compass Financial Management LLC acquired a new position in John Hancock Preferred Income Fund in the 2nd quarter valued at about $106,000. Norris Financial Group LLC acquired a new stake in shares of John Hancock Preferred Income Fund during the first quarter worth about $323,000. Readystate Asset Management LP acquired a new stake in shares of John Hancock Preferred Income Fund during the first quarter worth about $203,000. Royal Bank of Canada lifted its position in shares of John Hancock Preferred Income Fund by 1.1% during the first quarter. Royal Bank of Canada now owns 254,181 shares of the company’s stock worth $3,988,000 after purchasing an additional 2,823 shares in the last quarter. Finally, Cetera Investment Advisers lifted its position in shares of John Hancock Preferred Income Fund by 2.7% during the first quarter. Cetera Investment Advisers now owns 46,039 shares of the company’s stock worth $722,000 after purchasing an additional 1,227 shares in the last quarter.

John Hancock Preferred Income Fund Company Profile

John Hancock Preferred Income Fund (NYSE: HPI) is a diversified closed-end fund that seeks to provide investors with a high level of current income. The fund invests primarily in preferred securities and other income-producing securities, including preferred stocks, bonds and related fixed-income instruments.

The fund may invest across a range of industries and geographic markets, with its portfolio generally focused on securities issued by companies in the United States and other developed markets.