John Hancock Preferred Income Fund (NYSE:HPI) Shares Cross Above 50-Day Moving Average – What’s Next?

John Hancock Preferred Income Fund (NYSE:HPI) passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $16.14 and traded as high as $16.25. John Hancock Preferred Income Fund shares last traded at $16.2240, with a volume of 28,811 shares.

John Hancock Preferred Income Fund Stock Down 0.2%

The company’s fifty day moving average price is $16.14 and its 200 day moving average price is $16.08.

John Hancock Preferred Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Shareholders of record on Thursday, August 13th will be given a $0.1235 dividend. This represents a c) dividend on an annualized basis and a yield of 9.2%. The ex-dividend date of this dividend is Thursday, August 13th.

Hedge Funds Weigh In On John Hancock Preferred Income Fund

Hedge funds have recently modified their holdings of the company. Arax Advisory Partners bought a new position in shares of 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 worth $73,000. Stifel Financial Corp purchased a new position in John Hancock Preferred Income Fund in the fourth quarter worth $177,000. Arlington Capital Management Inc. bought a new position in John Hancock Preferred Income Fund in the 3rd quarter valued at $219,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in John Hancock Preferred Income Fund in the 2nd quarter valued at $204,000.

About John Hancock Preferred Income Fund

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.