John Hancock Preferred Income Fund (NYSE:HPI) Short Interest Down 17.3% in August

John Hancock Preferred Income Fund (NYSE:HPI) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 58,700 shares, a drop of 17.3% from the August 15th total of 71,000 shares. Based on an average daily trading volume, of 46,300 shares, the days-to-cover ratio is presently 1.3 days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. CWM LLC bought a new stake in John Hancock Preferred Income Fund during the 1st quarter worth approximately $58,000. Wedbush Securities Inc. raised its holdings in John Hancock Preferred Income Fund by 5.3% during the 2nd quarter. Wedbush Securities Inc. now owns 11,883 shares of the company’s stock worth $199,000 after purchasing an additional 600 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its position in shares of John Hancock Preferred Income Fund by 8.2% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 18,451 shares of the company’s stock worth $293,000 after purchasing an additional 1,391 shares during the period. Private Advisor Group LLC boosted its stake in shares of John Hancock Preferred Income Fund by 6.7% in the 4th quarter. Private Advisor Group LLC now owns 19,878 shares of the company’s stock valued at $314,000 after purchasing an additional 1,246 shares during the last quarter. Finally, Level Four Advisory Services LLC raised its stake in John Hancock Preferred Income Fund by 120.6% during the fourth quarter. Level Four Advisory Services LLC now owns 26,810 shares of the company’s stock worth $423,000 after buying an additional 14,658 shares during the last quarter.

John Hancock Preferred Income Fund Trading Up 1.2 %

Shares of HPI traded up $0.21 during mid-day trading on Wednesday, reaching $18.33. The company had a trading volume of 58,012 shares, compared to its average volume of 53,610. The company’s 50 day simple moving average is $17.30 and its 200 day simple moving average is $16.78. John Hancock Preferred Income Fund has a 1-year low of $12.85 and a 1-year high of $18.33.

John Hancock Preferred Income Fund Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $0.1235 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.48 dividend on an annualized basis and a yield of 8.09%. This is a positive change from John Hancock Preferred Income Fund’s previous monthly dividend of $0.12.

About John Hancock Preferred Income Fund

John Hancock Preferred Income Fund is a closed ended balanced mutual fund launched and managed by John Hancock Investment Management LLC. It is co-managed by John Hancock Asset Management. The fund invests in the public equity and fixed income markets of the United States. It seeks to invest in securities of companies operating across diversified sectors.