John Hancock Financial Opportunities Fund (NYSE:BTO) Reaches New 12-Month High – Should You Buy?

John Hancock Financial Opportunities Fund (NYSE:BTO)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $41.00 and last traded at $40.5820, with a volume of 32527 shares trading hands. The stock had previously closed at $40.45.

John Hancock Financial Opportunities Fund Stock Down 1.9%

The stock’s 50 day moving average is $38.47 and its two-hundred day moving average is $37.21.

John Hancock Financial Opportunities Fund Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Thursday, June 11th were issued a $0.65 dividend. The ex-dividend date was Thursday, June 11th. This represents a $2.60 annualized dividend and a dividend yield of 6.4%.

Hedge Funds Weigh In On John Hancock Financial Opportunities Fund

A number of hedge funds and other institutional investors have recently modified their holdings of BTO. Bank of America Corp DE increased its holdings in John Hancock Financial Opportunities Fund by 3.0% during the first quarter. Bank of America Corp DE now owns 45,151 shares of the financial services provider’s stock valued at $1,620,000 after buying an additional 1,311 shares during the period. Royal Bank of Canada lifted its holdings in John Hancock Financial Opportunities Fund by 3.3% during the first quarter. Royal Bank of Canada now owns 267,804 shares of the financial services provider’s stock worth $9,606,000 after buying an additional 8,443 shares during the period. FCA Corp TX boosted its position in John Hancock Financial Opportunities Fund by 2.4% during the 1st quarter. FCA Corp TX now owns 88,984 shares of the financial services provider’s stock valued at $3,192,000 after acquiring an additional 2,064 shares in the last quarter. Cetera Investment Advisers boosted its position in John Hancock Financial Opportunities Fund by 18.5% during the 1st quarter. Cetera Investment Advisers now owns 8,415 shares of the financial services provider’s stock valued at $302,000 after acquiring an additional 1,315 shares in the last quarter. Finally, Fifth Third Bancorp purchased a new position in shares of John Hancock Financial Opportunities Fund in the 1st quarter valued at $206,000. 19.55% of the stock is currently owned by institutional investors.

About John Hancock Financial Opportunities Fund

John Hancock Financial Opportunities Fund (NYSE: BTO) is a closed-end management investment company sponsored by John Hancock Investment Management, a division of Manulife Investment Management. Since its inception in August 2004, the fund has sought to deliver total return through a combination of current income and capital appreciation. As a publicly traded fund, it offers investors access to a diversified portfolio of financial services companies that might otherwise require direct equity investments or specialized mandates.

The fund primarily invests in common stocks, preferred stocks and convertible securities issued by companies in the banking, insurance, brokerage and specialty finance sectors.