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

John Hancock Preferred Income Fund (NYSE:HPI)’s share price crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $16.07 and traded as high as $16.32. John Hancock Preferred Income Fund shares last traded at $16.1650, with a volume of 37,631 shares traded.

John Hancock Preferred Income Fund Trading Down 0.1%

The stock’s fifty day simple moving average is $16.08 and its 200-day simple moving average is $16.17.

John Hancock Preferred Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Thursday, June 11th will be given a dividend of $0.1235 per share. This represents a c) annualized dividend and a dividend yield of 9.2%. The ex-dividend date of this dividend is Thursday, June 11th.

Institutional Trading of John Hancock Preferred Income Fund

A number of hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. increased its holdings in shares of John Hancock Preferred Income Fund by 3.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 32,339 shares of the company’s stock worth $561,000 after purchasing an additional 998 shares during the period. NewEdge Advisors LLC lifted its stake in shares of John Hancock Preferred Income Fund by 3.7% in the third quarter. NewEdge Advisors LLC now owns 20,851 shares of the company’s stock valued at $362,000 after buying an additional 742 shares during the period. B. Riley Wealth Advisors Inc. bought a new stake in shares of John Hancock Preferred Income Fund in the second quarter valued at about $204,000. Stifel Financial Corp acquired a new stake in John Hancock Preferred Income Fund during the fourth quarter worth about $177,000. Finally, Birchwood Financial Partners Inc. acquired a new stake in John Hancock Preferred Income Fund during the fourth quarter worth about $73,000.

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.