John Hancock Preferred Income Fund (NYSE:HPI) Shares Cross Below 50 Day Moving Average – Should You Sell?

John Hancock Preferred Income Fund (NYSE:HPI) crossed below its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $14.81 and traded as low as $13.34. John Hancock Preferred Income Fund shares last traded at $13.3750, with a volume of 107,064 shares changing hands.

John Hancock Preferred Income Fund Trading Up 0.2%

The company has a 50-day moving average of $14.81 and a 200-day moving average of $15.64.

John Hancock Preferred Income Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, October 13th will be given a $0.1235 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 11.1%. The ex-dividend date is Tuesday, October 13th.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Compass Financial Management LLC bought a new position in shares of John Hancock Preferred Income Fund during the second quarter worth about $106,000. Readystate Asset Management LP acquired a new position in shares of John Hancock Preferred Income Fund in the first quarter worth approximately $203,000. Norris Financial Group LLC acquired a new position in shares of John Hancock Preferred Income Fund in the first quarter worth approximately $323,000. Cetera Investment Advisers boosted 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 acquiring an additional 1,227 shares during the last quarter. Finally, Kestra Advisory Services LLC boosted its holdings in John Hancock Preferred Income Fund by 2.3% in the first quarter. Kestra Advisory Services LLC now owns 87,939 shares of the company’s stock valued at $1,380,000 after acquiring an additional 2,011 shares during the last quarter.

John Hancock Preferred Income Fund Company Profile

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.