John Hancock Preferred Income Fund III (NYSE:HPS) Short Interest Update

John Hancock Preferred Income Fund III (NYSE:HPS) was the target of a significant drop in short interest in September. As of September 15th, there was short interest totaling 40,637 shares, a drop of 77.3% from the August 31st total of 178,726 shares. Based on an average daily volume of 103,203 shares, the short-interest ratio is presently 0.4 days.

John Hancock Preferred Income Fund III Stock Performance

HPS stock traded up $0.04 during trading on Friday, hitting $12.39. The company had a trading volume of 65,977 shares, compared to its average volume of 63,963. The firm has a 50-day moving average price of $13.76 and a 200-day moving average price of $14.21. John Hancock Preferred Income Fund III has a 12 month low of $12.04 and a 12 month high of $15.68.

John Hancock Preferred Income Fund III Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 11th will be paid a $0.11 dividend. This represents a $1.32 annualized dividend and a dividend yield of 10.6%. The ex-dividend date of this dividend is Friday, September 11th.

Hedge Funds Weigh In On John Hancock Preferred Income Fund III

Several large investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new stake in John Hancock Preferred Income Fund III during the 2nd quarter worth about $38,000. NewEdge Advisors LLC grew its position in shares of John Hancock Preferred Income Fund III by 17.9% during the 2nd quarter. NewEdge Advisors LLC now owns 20,757 shares of the company’s stock worth $302,000 after buying an additional 3,157 shares during the period. Readystate Asset Management LP acquired a new stake in shares of John Hancock Preferred Income Fund III during the 2nd quarter worth approximately $253,000. Compass Financial Management LLC acquired a new stake in shares of John Hancock Preferred Income Fund III during the 2nd quarter worth approximately $81,000. Finally, Focus Financial Network Inc. raised its stake in shares of John Hancock Preferred Income Fund III by 18.1% during the second quarter. Focus Financial Network Inc. now owns 14,776 shares of the company’s stock worth $215,000 after buying an additional 2,260 shares during the last quarter.

About John Hancock Preferred Income Fund III

John Hancock Preferred Income Fund III is a publicly traded closed-end fund listed on the New York Stock Exchange under the symbol HPS. The fund is managed by John Hancock Investment Management, an asset-management business of Manulife Investment Management.

The fund’s primary objective is to provide a high level of current income. It invests mainly in preferred securities issued by companies in the financial, utility, telecommunications and other industries, while also investing in other income-producing securities when appropriate.