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

John Hancock Preferred Income Fund (NYSE:HPI) saw a large decrease in short interest during the month of January. As of January 30th, there was short interest totaling 15,401 shares, a decrease of 48.6% from the January 15th total of 29,962 shares. Based on an average trading volume of 49,650 shares, the days-to-cover ratio is currently 0.3 days. Based on an average trading volume of 49,650 shares, the days-to-cover ratio is currently 0.3 days.

John Hancock Preferred Income Fund Stock Performance

Shares of HPI traded up $0.08 during mid-day trading on Friday, hitting $16.26. The company’s stock had a trading volume of 66,291 shares, compared to its average volume of 57,433. The firm has a 50-day moving average price of $16.33 and a 200 day moving average price of $16.63. John Hancock Preferred Income Fund has a fifty-two week low of $14.61 and a fifty-two week high of $17.68.

John Hancock Preferred Income Fund Dividend Announcement

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

Institutional Investors Weigh In On John Hancock Preferred Income Fund

A number of institutional investors and hedge funds have recently modified their holdings of HPI. Private Advisor Group LLC grew its holdings in shares of John Hancock Preferred Income Fund by 4.4% in the 3rd quarter. Private Advisor Group LLC now owns 15,440 shares of the company’s stock worth $268,000 after acquiring an additional 651 shares during the last quarter. Mallini Complete Financial Planning LLC lifted its holdings in shares of John Hancock Preferred Income Fund by 4.1% during the third quarter. Mallini Complete Financial Planning LLC now owns 17,669 shares of the company’s stock valued at $307,000 after purchasing an additional 689 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of John Hancock Preferred Income Fund by 3.7% in the 3rd quarter. NewEdge Advisors LLC now owns 20,851 shares of the company’s stock valued at $362,000 after purchasing an additional 742 shares during the period. LPL Financial LLC boosted its position in shares of John Hancock Preferred Income Fund by 0.4% in the 4th quarter. LPL Financial LLC now owns 188,028 shares of the company’s stock valued at $3,044,000 after purchasing an additional 782 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in John Hancock Preferred Income Fund by 3.2% in 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 in the last quarter.

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.