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

John Hancock Preferred Income Fund (NYSE:HPI) shares crossed 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 changing hands.

John Hancock Preferred Income Fund Trading Up 0.3%

The stock’s 50-day moving average is $16.14 and its two-hundred day moving average is $16.09.

John Hancock Preferred Income Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, August 31st. Shareholders of record on Thursday, August 13th will be paid a dividend of $0.1235 per share. The ex-dividend date is Thursday, August 13th. This represents a c) dividend on an annualized basis and a yield of 9.1%.

Hedge Funds Weigh In On John Hancock Preferred Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of the company. Arax Advisory Partners purchased a new position in shares of John Hancock Preferred Income Fund in the 4th quarter worth $37,000. Birchwood Financial Partners Inc. bought a new stake in shares of John Hancock Preferred Income Fund in the fourth quarter worth $73,000. Stifel Financial Corp purchased a new stake in John Hancock Preferred Income Fund during the fourth quarter valued at $177,000. Readystate Asset Management LP purchased a new stake in John Hancock Preferred Income Fund during the first quarter valued at $203,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in John Hancock Preferred Income Fund in the second quarter valued at about $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.