John Hancock Preferred Income Fund (NYSE:HPI) Stock Passes Below 50-Day Moving Average – Here’s Why

Shares of John Hancock Preferred Income Fund (NYSE:HPI) passed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $15.85 and traded as low as $14.75. John Hancock Preferred Income Fund shares last traded at $14.80, with a volume of 77,255 shares changing hands.

John Hancock Preferred Income Fund Price Performance

The firm has a 50 day moving average price of $15.85 and a 200-day moving average price of $15.97.

John Hancock Preferred Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 11th will be paid a $0.1235 dividend. The ex-dividend date is Friday, September 11th. This represents a c) dividend on an annualized basis and a yield of 10.0%.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

Large investors have recently modified their holdings of the company. Compass Financial Management LLC purchased a new stake in shares of John Hancock Preferred Income Fund during the 2nd quarter worth $106,000. Readystate Asset Management LP acquired a new position in shares of John Hancock Preferred Income Fund during the first quarter worth $203,000. Norris Financial Group LLC purchased a new position in John Hancock Preferred Income Fund in the first quarter valued at $323,000. Cetera Investment Advisers raised its stake in John Hancock Preferred Income Fund by 2.7% in the first quarter. Cetera Investment Advisers now owns 46,039 shares of the company’s stock valued at $722,000 after buying an additional 1,227 shares in the last quarter. Finally, Kestra Advisory Services LLC raised its stake in John Hancock Preferred Income Fund by 2.3% in the first quarter. Kestra Advisory Services LLC now owns 87,939 shares of the company’s stock valued at $1,380,000 after buying an additional 2,011 shares in the last quarter.

About John Hancock Preferred Income Fund

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.