John Hancock Preferred Income Fund (NYSE:HPI) Share Price Crosses Above 50 Day Moving Average of $17.46

John Hancock Preferred Income Fund (NYSE:HPI)’s share price crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $17.46 and traded as high as $18.62. John Hancock Preferred Income Fund shares last traded at $18.47, with a volume of 20,281 shares changing hands.

John Hancock Preferred Income Fund Stock Performance

The company’s 50 day simple moving average is $17.49 and its 200 day simple moving average is $16.87.

John Hancock Preferred Income Fund Increases Dividend

The company also recently announced 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 a boost 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 yield of 8.03%.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

A number of institutional investors have recently added to or reduced their stakes in HPI. Commonwealth Equity Services LLC lifted its holdings in John Hancock Preferred Income Fund by 9.8% in the 1st quarter. Commonwealth Equity Services LLC now owns 274,852 shares of the company’s stock valued at $4,571,000 after acquiring an additional 24,559 shares during the last quarter. TSP Capital Management Group LLC lifted its stake in John Hancock Preferred Income Fund by 10.5% during the first quarter. TSP Capital Management Group LLC now owns 125,465 shares of the company’s stock valued at $2,086,000 after purchasing an additional 11,950 shares during the last quarter. CWM LLC acquired a new stake in John Hancock Preferred Income Fund during the first quarter valued at approximately $58,000. Private Advisor Group LLC grew its position in John Hancock Preferred Income Fund by 10.5% in the first 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 last quarter. Finally, B. Riley Wealth Advisors Inc. grew its position in John Hancock Preferred Income Fund by 8.2% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 18,451 shares of the company’s stock worth $293,000 after buying an additional 1,391 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.