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

John Hancock Preferred Income Fund (NYSE:HPI)’s share price passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $16.07 and traded as high as $16.32. John Hancock Preferred Income Fund shares last traded at $16.1650, with a volume of 37,631 shares.

John Hancock Preferred Income Fund Trading Down 0.2%

The company has a 50-day moving average price of $16.07 and a two-hundred day moving average price of $16.17.

John Hancock Preferred Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Thursday, June 11th will be paid a dividend of $0.1235 per share. This represents a c) annualized dividend and a yield of 9.2%. The ex-dividend date of this dividend is Thursday, June 11th.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

Several hedge funds and other institutional investors have recently made changes to their positions in HPI. Huntington National Bank bought a new stake in shares of John Hancock Preferred Income Fund in the 3rd quarter worth about $35,000. Arax Advisory Partners purchased a new position in shares of John Hancock Preferred Income Fund during the 4th quarter worth about $37,000. Birchwood Financial Partners Inc. bought a new position in John Hancock Preferred Income Fund during the 4th quarter valued at about $73,000. Allworth Financial LP grew its holdings in John Hancock Preferred Income Fund by 47.7% during the 3rd quarter. Allworth Financial LP now owns 6,260 shares of the company’s stock valued at $109,000 after purchasing an additional 2,023 shares during the last quarter. Finally, Stifel Financial Corp bought a new position in John Hancock Preferred Income Fund during the 4th quarter valued at about $177,000.

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.