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

John Hancock Preferred Income Fund (NYSE:HPI) shares passed below its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $16.30 and traded as low as $16.23. John Hancock Preferred Income Fund shares last traded at $16.2750, with a volume of 62,228 shares changing hands.

John Hancock Preferred Income Fund Stock Down 0.5%

The firm has a fifty day simple moving average of $16.30 and a 200 day simple moving average of $16.64.

John Hancock Preferred Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, February 27th. Investors of record on Thursday, February 12th will be given a $0.1235 dividend. This represents a c) annualized dividend and a yield of 9.1%. The ex-dividend date of this dividend is Thursday, February 12th.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

Institutional investors and hedge funds have recently bought and sold shares of the business. Huntington National Bank acquired a new position in shares of John Hancock Preferred Income Fund in the 3rd quarter valued at $35,000. Arax Advisory Partners bought a new stake in John Hancock Preferred Income Fund in the fourth quarter valued at about $37,000. Allworth Financial LP raised its position in John Hancock Preferred Income Fund by 181.9% in the second quarter. Allworth Financial LP now owns 4,237 shares of the company’s stock worth $68,000 after purchasing an additional 2,734 shares in the last quarter. Birchwood Financial Partners Inc. bought a new position in John Hancock Preferred Income Fund during the fourth quarter worth about $73,000. Finally, Wolverine Asset Management LLC bought a new position in John Hancock Preferred Income Fund during the second quarter worth about $172,000.

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.