John Hancock Preferred Income Fund (NYSE:HPI) Stock Crosses Below 50-Day Moving Average – Should You Sell?

Shares of John Hancock Preferred Income Fund (NYSE:HPI) passed below its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $14.81 and traded as low as $13.34. John Hancock Preferred Income Fund shares last traded at $13.3750, with a volume of 107,064 shares.

John Hancock Preferred Income Fund Trading Down 0.5%

The business’s fifty day moving average is $14.75 and its two-hundred day moving average is $15.63.

John Hancock Preferred Income Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, October 13th will be given 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 11.2%.

Institutional Trading of John Hancock Preferred Income Fund

A number of large investors have recently modified their holdings of HPI. Quantum Portfolio Management LLC bought a new stake in John Hancock Preferred Income Fund during the 1st quarter valued at $894,209,000. TSP Capital Management Group LLC lifted its holdings in shares of John Hancock Preferred Income Fund by 55.9% in the 1st quarter. TSP Capital Management Group LLC now owns 201,710 shares of the company’s stock worth $3,165,000 after buying an additional 72,350 shares during the period. Norris Financial Group LLC purchased a new stake in shares of John Hancock Preferred Income Fund in the 1st quarter worth $323,000. Readystate Asset Management LP purchased a new stake in shares of John Hancock Preferred Income Fund in the 1st quarter worth $203,000. Finally, Compass Financial Management LLC bought a new position in shares of John Hancock Preferred Income Fund during the 2nd quarter worth $106,000.

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.