John Hancock Preferred Income Fund (NYSE:HPI) Share Price Crosses Below 50 Day Moving Average – Should You Sell?
by Danessa Lincoln · The Markets DailyJohn Hancock Preferred Income Fund (NYSE:HPI – Get Free Report)’s share price crossed below its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $16.19 and traded as low as $15.87. John Hancock Preferred Income Fund shares last traded at $15.8960, with a volume of 27,264 shares changing hands.
John Hancock Preferred Income Fund Stock Performance
The firm’s 50-day simple moving average is $16.19 and its two-hundred day simple moving average is $16.65.
John Hancock Preferred Income Fund Announces Dividend
The business also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Thursday, March 12th will be paid a dividend of $0.1235 per share. This represents a c) annualized dividend and a dividend yield of 9.3%. The ex-dividend date is Thursday, March 12th.
Hedge Funds Weigh In On John Hancock Preferred Income Fund
Several hedge funds have recently made changes to their positions in HPI. UBS Group AG raised its stake in John Hancock Preferred Income Fund by 1.8% in the 4th quarter. UBS Group AG now owns 638,679 shares of the company’s stock worth $10,340,000 after acquiring an additional 11,212 shares during the last quarter. Royal Bank of Canada grew its stake in John Hancock Preferred Income Fund by 0.3% during the 1st quarter. Royal Bank of Canada now owns 567,767 shares of the company’s stock valued at $9,419,000 after purchasing an additional 1,753 shares during the last quarter. Invesco Ltd. increased its holdings 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 purchasing an additional 26,939 shares during the period. Guggenheim Capital LLC increased its holdings in shares of John Hancock Preferred Income Fund by 35.5% in the fourth quarter. Guggenheim Capital LLC now owns 211,737 shares of the company’s stock valued at $3,428,000 after purchasing an additional 55,509 shares during the period. Finally, LPL Financial LLC raised its stake in shares of John Hancock Preferred Income Fund by 0.4% in the fourth quarter. LPL Financial LLC now owns 188,028 shares of the company’s stock worth $3,044,000 after purchasing an additional 782 shares during 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.