John Hancock Preferred Income Fund (NYSE:HPI) Share Price Passes Above 50-Day Moving Average – Should You Sell?

John Hancock Preferred Income Fund (NYSE:HPI)’s stock price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $16.11 and traded as high as $16.39. John Hancock Preferred Income Fund shares last traded at $16.2860, with a volume of 65,341 shares changing hands.

John Hancock Preferred Income Fund Trading Up 0.5%

The company’s 50-day moving average is $16.11 and its two-hundred day moving average is $16.12.

John Hancock Preferred Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 13th will be given a dividend of $0.1235 per share. The ex-dividend date of this dividend is Monday, July 13th. This represents a c) annualized dividend and a dividend yield of 9.1%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Quantum Portfolio Management LLC bought a new position in shares of John Hancock Preferred Income Fund during the 1st quarter valued at $894,209,000. TSP Capital Management Group LLC grew its holdings in shares of John Hancock Preferred Income Fund by 55.9% in the first quarter. TSP Capital Management Group LLC now owns 201,710 shares of the company’s stock worth $3,165,000 after acquiring an additional 72,350 shares during the period. Guggenheim Capital LLC increased its position in John Hancock Preferred Income Fund by 35.5% during the fourth quarter. Guggenheim Capital LLC now owns 211,737 shares of the company’s stock valued at $3,428,000 after acquiring an additional 55,509 shares during the last quarter. UBS Group AG increased its position in John Hancock Preferred Income Fund by 5.1% during the third quarter. UBS Group AG now owns 627,467 shares of the company’s stock valued at $10,887,000 after acquiring an additional 30,307 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in 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 acquiring an additional 26,939 shares during the period.

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.