John Hancock Preferred Income Fund (NYSE:HPI) Sees Significant Decrease in Short Interest

John Hancock Preferred Income Fund (NYSE:HPI) was the recipient of a significant drop in short interest in the month of March. As of March 15th, there was short interest totalling 39,200 shares, a drop of 20.5% from the February 28th total of 49,300 shares. Based on an average daily trading volume, of 45,600 shares, the days-to-cover ratio is presently 0.9 days.

John Hancock Preferred Income Fund Trading Up 0.2 %

Shares of NYSE:HPI traded up $0.04 during mid-day trading on Wednesday, reaching $16.65. 25,735 shares of the company traded hands, compared to its average volume of 40,718. John Hancock Preferred Income Fund has a 52 week low of $15.26 and a 52 week high of $19.43. The company’s 50 day moving average price is $17.08 and its 200-day moving average price is $17.46.

John Hancock Preferred Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, April 11th will be paid a dividend of $0.1235 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 8.90%. The ex-dividend date is Friday, April 11th.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Invesco Ltd. lifted its position in shares of John Hancock Preferred Income Fund by 10.6% in the fourth quarter. Invesco Ltd. now owns 193,150 shares of the company’s stock valued at $3,212,000 after acquiring an additional 18,482 shares in the last quarter. Cohen & Steers Inc. purchased a new position in John Hancock Preferred Income Fund in the 4th quarter worth approximately $572,000. LaSalle St. Investment Advisors LLC bought a new position in John Hancock Preferred Income Fund in the 4th quarter worth approximately $441,000. LPL Financial LLC grew its holdings in John Hancock Preferred Income Fund by 9.8% during the 4th quarter. LPL Financial LLC now owns 170,410 shares of the company’s stock valued at $2,834,000 after buying an additional 15,257 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of John Hancock Preferred Income Fund during the fourth quarter valued at approximately $1,786,000.

John Hancock Preferred Income Fund Company Profile

John Hancock Preferred Income Fund is a closed ended balanced mutual fund launched and managed by John Hancock Investment Management LLC. It is co-managed by John Hancock Asset Management. The fund invests in the public equity and fixed income markets of the United States. It seeks to invest in securities of companies operating across diversified sectors.