John Hancock Preferred Income Fund (NYSE:HPI) Shares Cross Above 50-Day Moving Average of $16.86

John Hancock Preferred Income Fund (NYSE:HPI) shares passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $16.86 and traded as high as $17.62. John Hancock Preferred Income Fund shares last traded at $17.28, with a volume of 78,445 shares changing hands.

John Hancock Preferred Income Fund Price Performance

The stock’s fifty day moving average price is $16.87 and its two-hundred day moving average price is $16.46.

John Hancock Preferred Income Fund Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, August 30th. Stockholders of record on Monday, August 12th will be issued a $0.123 dividend. The ex-dividend date of this dividend is Monday, August 12th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 8.63%.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Commonwealth Equity Services LLC raised its stake in John Hancock Preferred Income Fund by 1.3% during the 2nd quarter. Commonwealth Equity Services LLC now owns 278,544 shares of the company’s stock worth $4,654,000 after acquiring an additional 3,692 shares in the last quarter. TSP Capital Management Group LLC raised its stake in John Hancock Preferred Income Fund by 1.1% during the 2nd quarter. TSP Capital Management Group LLC now owns 126,865 shares of the company’s stock worth $2,120,000 after acquiring an additional 1,400 shares in the last quarter. Raymond James & Associates raised its stake in John Hancock Preferred Income Fund by 1.7% during the 2nd quarter. Raymond James & Associates now owns 80,060 shares of the company’s stock worth $1,338,000 after acquiring an additional 1,351 shares in the last quarter. Shaker Financial Services LLC raised its stake in John Hancock Preferred Income Fund by 147.5% during the 4th quarter. Shaker Financial Services LLC now owns 40,100 shares of the company’s stock worth $638,000 after acquiring an additional 23,899 shares in the last quarter. Finally, Level Four Advisory Services LLC grew its position in 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 purchasing an additional 14,658 shares during the last quarter.

John Hancock Preferred Income Fund Company Profile

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.