John Hancock Preferred Income Fund (NYSE:HPI) Shares Shorted: Short Interest Down 45.5% in September

John Hancock Preferred Income Fund (NYSE:HPI) was the target of a large decline in short interest in the month of September. As of September 30th, there was short interest totaling 116,055 shares, a decline of 45.5% from the September 15th total of 213,037 shares. Based on an average daily trading volume, of 166,052 shares, the days-to-cover ratio is currently 0.7 days.

John Hancock Preferred Income Fund Stock Performance

Shares of HPI opened at $13.61 on Wednesday. The stock’s 50-day moving average price is $15.14 and its 200-day moving average price is $15.73. John Hancock Preferred Income Fund has a 52 week low of $13.49 and a 52 week high of $17.42.

John Hancock Preferred Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, October 13th will be paid a $0.1235 dividend. This represents a $1.48 annualized dividend and a dividend yield of 10.9%. The ex-dividend date is Tuesday, October 13th.

Institutional Trading of John Hancock Preferred Income Fund

A number of hedge funds have recently added to or reduced their stakes in HPI. Compass Financial Management LLC acquired a new position in John Hancock Preferred Income Fund in the 2nd quarter worth about $106,000. Cetera Investment Advisers grew its holdings in John Hancock Preferred Income Fund by 2.7% in the first quarter. Cetera Investment Advisers now owns 46,039 shares of the company’s stock valued at $722,000 after purchasing an additional 1,227 shares during the period. Norris Financial Group LLC purchased a new stake in shares of John Hancock Preferred Income Fund in the first quarter valued at approximately $323,000. Readystate Asset Management LP acquired a new position in John Hancock Preferred Income Fund during the first quarter worth $203,000. Finally, Royal Bank of Canada raised its position in John Hancock Preferred Income Fund by 1.1% during the first quarter. Royal Bank of Canada now owns 254,181 shares of the company’s stock worth $3,988,000 after acquiring an additional 2,823 shares during the period.

About John Hancock Preferred Income Fund

John Hancock Preferred Income Fund (NYSE: HPI) is a diversified closed-end fund that seeks to provide investors with a high level of current income. The fund invests primarily in preferred securities and other income-producing securities, including preferred stocks, bonds and related fixed-income instruments.

The fund may invest across a range of industries and geographic markets, with its portfolio generally focused on securities issued by companies in the United States and other developed markets.