John Hancock Preferred Income Fund (NYSE:HPI) Share Price Passes Below 50-Day Moving Average – Should You Sell?

John Hancock Preferred Income Fund (NYSE:HPI) shares crossed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $16.02 and traded as low as $15.95. John Hancock Preferred Income Fund shares last traded at $15.97, with a volume of 80,229 shares traded.

John Hancock Preferred Income Fund Stock Performance

The business’s 50-day simple moving average is $16.03 and its 200-day simple moving average is $16.19.

John Hancock Preferred Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Thursday, June 11th will be given a dividend of $0.1235 per share. The ex-dividend date of this dividend is Thursday, June 11th. This represents a c) dividend on an annualized basis and a yield of 9.3%.

Hedge Funds Weigh In On John Hancock Preferred Income Fund

A number of institutional investors have recently bought and sold shares of the business. Norris Financial Group LLC purchased a new position in John Hancock Preferred Income Fund during the 1st quarter worth approximately $323,000. Readystate Asset Management LP purchased a new position in shares of John Hancock Preferred Income Fund during the 1st quarter valued at approximately $203,000. Royal Bank of Canada increased its holdings in shares of John Hancock Preferred Income Fund by 1.1% during the 1st 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. Cetera Investment Advisers increased its holdings 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 valued at $722,000 after purchasing an additional 1,227 shares in the last quarter. Finally, Kestra Advisory Services LLC increased its holdings in shares of John Hancock Preferred Income Fund by 2.3% during the 1st quarter. Kestra Advisory Services LLC now owns 87,939 shares of the company’s stock valued at $1,380,000 after purchasing an additional 2,011 shares in the last quarter.

John Hancock Preferred Income Fund Company Profile

John Hancock Preferred Income Fund (NYSE: HPI) is a closed-end management investment company structured as a statutory trust under the Investment Company Act of 1940. The fund’s primary objective is to provide high current income with growth of capital as a secondary goal. It pursues this objective principally through investments in preferred securities, debt instruments and, to a lesser extent, equity securities.

The fund focuses on preferred stocks issued by U.S. and foreign issuers across a variety of industries, including financials, utilities and industrials.