John Hancock Preferred Income Fund (NYSE:HPI) Sees Significant Increase in Short Interest

John Hancock Preferred Income Fund (NYSE:HPI) was the recipient of a significant increase in short interest in September. As of September 15th, there was short interest totalling 65,300 shares, an increase of 11.2% from the August 31st total of 58,700 shares. Based on an average trading volume of 46,700 shares, the days-to-cover ratio is currently 1.4 days.

John Hancock Preferred Income Fund Stock Performance

John Hancock Preferred Income Fund stock traded up $0.17 during mid-day trading on Friday, reaching $18.45. The company had a trading volume of 42,392 shares, compared to its average volume of 53,077. The business has a fifty day simple moving average of $17.51 and a 200 day simple moving average of $16.89. John Hancock Preferred Income Fund has a fifty-two week low of $12.85 and a fifty-two week high of $18.73.

John Hancock Preferred Income Fund Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $0.1235 per share. This is an increase from John Hancock Preferred Income Fund’s previous monthly dividend of $0.12. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.48 annualized dividend and a dividend yield of 8.03%.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. CWM LLC bought a new position in John Hancock Preferred Income Fund in the first quarter valued at about $58,000. Wedbush Securities Inc. raised its holdings in John Hancock Preferred Income Fund by 5.3% in the 2nd quarter. Wedbush Securities Inc. now owns 11,883 shares of the company’s stock valued at $199,000 after buying an additional 600 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in 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 valued at $293,000 after buying an additional 1,391 shares during the last quarter. Private Advisor Group LLC boosted its position in John Hancock Preferred Income Fund by 10.5% during the 1st quarter. Private Advisor Group LLC now owns 21,964 shares of the company’s stock worth $365,000 after buying an additional 2,086 shares during the period. Finally, Raymond James & Associates grew its holdings in John Hancock Preferred Income Fund by 1.7% during the 2nd quarter. Raymond James & Associates now owns 80,060 shares of the company’s stock worth $1,338,000 after acquiring an additional 1,351 shares during the last quarter.

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.