John Hancock Preferred Income Fund (NYSE:HPI) Shares Cross 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 Monday . The stock has a 50-day moving average of $15.95 and traded as high as $15.98. John Hancock Preferred Income Fund shares last traded at $15.94, with a volume of 81,441 shares trading hands.

John Hancock Preferred Income Fund Stock Down 0.1%

The company’s 50 day simple moving average is $15.95 and its 200 day simple moving average is $16.33.

John Hancock Preferred Income Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, May 29th. Shareholders of record on Monday, May 11th will be paid a $0.1235 dividend. This represents a c) annualized dividend and a yield of 9.3%. The ex-dividend date is Monday, May 11th.

Hedge Funds Weigh In On John Hancock Preferred Income Fund

Several hedge funds have recently added to or reduced their stakes in HPI. Huntington National Bank purchased a new position in John Hancock Preferred Income Fund in the third quarter valued at approximately $35,000. Arax Advisory Partners purchased a new position in John Hancock Preferred Income Fund in the fourth quarter valued at approximately $37,000. Birchwood Financial Partners Inc. purchased a new position in John Hancock Preferred Income Fund in the fourth quarter valued at approximately $73,000. Allworth Financial LP increased its stake in John Hancock Preferred Income Fund by 47.7% in the third 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 purchased a new position in John Hancock Preferred Income Fund in the fourth quarter valued at approximately $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.