John Hancock Preferred Income Fund III (NYSE:HPS) Stock Short Interest Drops 77.3%

John Hancock Preferred Income Fund III (NYSE:HPS) was the target of a large decrease in short interest during the month of September. As of September 15th, there was short interest totaling 40,637 shares, a decrease of 77.3% from the August 31st total of 178,726 shares. Based on an average daily volume of 103,203 shares, the days-to-cover ratio is presently 0.4 days.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in HPS. Integrated Wealth Concepts LLC bought a new stake in shares of John Hancock Preferred Income Fund III during the second quarter valued at approximately $38,000. Compass Financial Management LLC bought a new position in John Hancock Preferred Income Fund III in the 2nd quarter worth approximately $81,000. Fifth Third Bancorp acquired a new position in John Hancock Preferred Income Fund III during the 1st quarter worth $92,000. Focus Financial Network Inc. lifted its holdings in John Hancock Preferred Income Fund III by 18.1% during the 2nd quarter. Focus Financial Network Inc. now owns 14,776 shares of the company’s stock worth $215,000 after buying an additional 2,260 shares in the last quarter. Finally, Readystate Asset Management LP bought a new position in John Hancock Preferred Income Fund III in the 2nd quarter valued at $253,000.

John Hancock Preferred Income Fund III Trading Up 0.4%

Shares of John Hancock Preferred Income Fund III stock traded up $0.04 during mid-day trading on Friday, reaching $12.39. 65,977 shares of the stock were exchanged, compared to its average volume of 63,963. John Hancock Preferred Income Fund III has a fifty-two week low of $12.04 and a fifty-two week high of $15.68. The firm has a 50-day simple moving average of $13.76 and a 200 day simple moving average of $14.21.

John Hancock Preferred Income Fund III Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 11th will be paid a $0.11 dividend. The ex-dividend date is Friday, September 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 10.6%.

About John Hancock Preferred Income Fund III

John Hancock Preferred Income Fund III is a publicly traded closed-end fund listed on the New York Stock Exchange under the symbol HPS. The fund is managed by John Hancock Investment Management, an asset-management business of Manulife Investment Management.

The fund’s primary objective is to provide a high level of current income. It invests mainly in preferred securities issued by companies in the financial, utility, telecommunications and other industries, while also investing in other income-producing securities when appropriate.