Short Interest in John Hancock Preferred Income Fund (NYSE:HPI) Decreases By 17.3%

John Hancock Preferred Income Fund (NYSE:HPI) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 58,700 shares, a decrease of 17.3% from the August 15th total of 71,000 shares. Based on an average daily volume of 46,300 shares, the days-to-cover ratio is presently 1.3 days.

John Hancock Preferred Income Fund Trading Up 1.3 %

Shares of HPI stock traded up $0.24 on Wednesday, reaching $18.36. The company’s stock had a trading volume of 63,942 shares, compared to its average volume of 53,639. John Hancock Preferred Income Fund has a 12-month low of $12.85 and a 12-month high of $18.36. The stock’s 50 day simple moving average is $17.30 and its 200-day simple moving average is $16.78.

John Hancock Preferred Income Fund Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.1235 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 8.07%. The ex-dividend date is Friday, September 13th. This is an increase from John Hancock Preferred Income Fund’s previous monthly dividend of $0.12.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Private Advisor Group LLC lifted its position in John Hancock Preferred Income Fund by 6.7% during the fourth quarter. Private Advisor Group LLC now owns 19,878 shares of the company’s stock valued at $314,000 after purchasing an additional 1,246 shares during the last quarter. Level Four Advisory Services LLC lifted its holdings in shares of John Hancock Preferred Income Fund by 120.6% during the 4th quarter. Level Four Advisory Services LLC now owns 26,810 shares of the company’s stock worth $423,000 after acquiring an additional 14,658 shares during the last quarter. 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 acquiring an additional 1,391 shares in the last quarter. CWM LLC bought a new position in John Hancock Preferred Income Fund in the first quarter valued at $58,000. Finally, Commonwealth Equity Services LLC increased its stake in John Hancock Preferred Income Fund by 9.8% in the first 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.

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.