John Hancock Preferred Income Fund (NYSE:HPI) Short Interest Down 78.8% in January

John Hancock Preferred Income Fund (NYSE:HPI) was the target of a large drop in short interest during the month of January. As of January 15th, there was short interest totaling 29,962 shares, a drop of 78.8% from the December 31st total of 141,437 shares. Based on an average trading volume of 60,008 shares, the short-interest ratio is currently 0.5 days. Based on an average trading volume of 60,008 shares, the short-interest ratio is currently 0.5 days.

John Hancock Preferred Income Fund Stock Performance

Shares of NYSE:HPI traded down $0.02 during midday trading on Friday, hitting $16.21. 18,887 shares of the stock traded hands, compared to its average volume of 52,104. The business’s 50 day moving average is $16.48 and its two-hundred day moving average is $16.61. John Hancock Preferred Income Fund has a one year low of $14.61 and a one year high of $17.78.

John Hancock Preferred Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, January 30th. Shareholders of record on Monday, December 29th will be given a dividend of $0.1235 per share. The ex-dividend date of this dividend is Monday, December 29th. This represents a c) dividend on an annualized basis and a yield of 9.1%.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

A number of large investors have recently made changes to their positions in HPI. Royal Bank of Canada increased its stake in shares of John Hancock Preferred Income Fund by 0.3% during the first quarter. Royal Bank of Canada now owns 567,767 shares of the company’s stock valued at $9,419,000 after buying an additional 1,753 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in John Hancock Preferred Income Fund in the second quarter valued at $415,000. Fifth Third Bancorp purchased a new position in John Hancock Preferred Income Fund during the 2nd quarter valued at $69,000. KPP Advisory Services LLC purchased a new position in John Hancock Preferred Income Fund during the 2nd quarter valued at $215,000. Finally, SAM Advisors LLC raised its holdings in John Hancock Preferred Income Fund by 9.2% in the 2nd quarter. SAM Advisors LLC now owns 29,152 shares of the company’s stock worth $466,000 after purchasing an additional 2,456 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.