John Hancock Preferred Income Fund (NYSE:HPI) Stock Crosses Below Fifty Day Moving Average – Time to Sell?

John Hancock Preferred Income Fund (NYSE:HPI)’s share price passed below its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $15.53 and traded as low as $13.82. John Hancock Preferred Income Fund shares last traded at $13.95, with a volume of 119,340 shares changing hands.

John Hancock Preferred Income Fund Trading Up 1.7%

The stock has a fifty day moving average of $15.49 and a 200-day moving average of $15.84.

John Hancock Preferred Income Fund Dividend Announcement

The company 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 dividend of $0.1235 per share. The ex-dividend date of this dividend is Tuesday, October 13th. This represents a $1.48 dividend on an annualized basis and a yield of 10.5%.

Institutional Trading of John Hancock Preferred Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in HPI. Compass Financial Management LLC acquired a new stake in shares of John Hancock Preferred Income Fund in the second quarter valued at about $106,000. Norris Financial Group LLC acquired a new position in John Hancock Preferred Income Fund during the first quarter valued at approximately $323,000. Readystate Asset Management LP bought a new position in John Hancock Preferred Income Fund in the first quarter valued at approximately $203,000. Royal Bank of Canada grew its stake in John Hancock Preferred Income Fund by 1.1% in the first quarter. Royal Bank of Canada now owns 254,181 shares of the company’s stock valued at $3,988,000 after purchasing an additional 2,823 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in shares of John Hancock Preferred Income Fund by 2.7% during the 1st quarter. Cetera Investment Advisers now owns 46,039 shares of the company’s stock worth $722,000 after purchasing an additional 1,227 shares during the last quarter.

About John Hancock Preferred Income Fund

John Hancock Preferred Income Fund (NYSE: HPI) is a closed-end investment company that seeks to provide investors with a high level of current income, consistent with the preservation of capital. The fund is designed for investors seeking exposure to the preferred securities market through a professionally managed portfolio.

The fund invests primarily in preferred stocks and other preferred securities issued by companies in a range of industries. Its portfolio may also include convertible preferred securities, subordinated debt and other income-producing securities.