John Hancock Preferred Income Fund (NYSE:HPI) Share Price Passes Below 50 Day Moving Average – Here’s What Happened

John Hancock Preferred Income Fund (NYSE:HPI)’s share price passed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $16.03 and traded as low as $15.20. John Hancock Preferred Income Fund shares last traded at $15.27, with a volume of 70,162 shares trading hands.

John Hancock Preferred Income Fund Stock Performance

The stock has a 50 day moving average price of $16.00 and a two-hundred day moving average price of $16.02.

John Hancock Preferred Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 11th will be issued a $0.1235 dividend. This represents a c) dividend on an annualized basis and a yield of 9.8%. The ex-dividend date of this dividend is Friday, September 11th.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

A number of hedge funds and other institutional investors have recently modified their holdings of HPI. Quantum Portfolio Management LLC acquired a new stake in John Hancock Preferred Income Fund in the 1st quarter worth about $894,209,000. TSP Capital Management Group LLC grew its position in shares of John Hancock Preferred Income Fund by 55.9% during the 1st quarter. TSP Capital Management Group LLC now owns 201,710 shares of the company’s stock worth $3,165,000 after purchasing an additional 72,350 shares in the last quarter. Guggenheim Capital LLC grew its position in shares of John Hancock Preferred Income Fund by 35.5% during the 4th quarter. Guggenheim Capital LLC now owns 211,737 shares of the company’s stock worth $3,428,000 after purchasing an additional 55,509 shares in the last quarter. UBS Group AG raised its position in shares of John Hancock Preferred Income Fund by 5.1% in the third quarter. UBS Group AG now owns 627,467 shares of the company’s stock valued at $10,887,000 after buying an additional 30,307 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of John Hancock Preferred Income Fund by 13.7% in the third quarter. Invesco Ltd. now owns 222,924 shares of the company’s stock valued at $3,868,000 after buying an additional 26,939 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.