John Hancock Preferred Income Fund III (NYSE:HPS) Stock Short Interest Declines 97.5%

John Hancock Preferred Income Fund III (NYSE:HPS) was the target of a large decline in short interest in September. As of September 30th, there was short interest totaling 1,034 shares, a decline of 97.5% from the September 15th total of 40,637 shares. Based on an average daily trading volume, of 166,226 shares, the days-to-cover ratio is presently 0.0 days.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in HPS. Integrated Wealth Concepts LLC purchased a new position in shares of John Hancock Preferred Income Fund III in the second quarter worth about $38,000. NewEdge Advisors LLC boosted its stake in John Hancock Preferred Income Fund III by 17.9% during the second quarter. NewEdge Advisors LLC now owns 20,757 shares of the company’s stock worth $302,000 after acquiring an additional 3,157 shares in the last quarter. Readystate Asset Management LP purchased a new stake in John Hancock Preferred Income Fund III during the 2nd quarter valued at about $253,000. Compass Financial Management LLC bought a new stake in shares of John Hancock Preferred Income Fund III in the second quarter worth approximately $81,000. Finally, Focus Financial Network Inc. grew its stake in shares of John Hancock Preferred Income Fund III by 18.1% during the 2nd quarter. Focus Financial Network Inc. now owns 14,776 shares of the company’s stock valued at $215,000 after purchasing an additional 2,260 shares during the period.

John Hancock Preferred Income Fund III Stock Performance

NYSE HPS traded up $0.12 on Friday, hitting $11.84. The stock had a trading volume of 137,264 shares, compared to its average volume of 68,898. John Hancock Preferred Income Fund III has a 52-week low of $11.52 and a 52-week high of $15.58. The firm has a 50-day moving average of $13.30 and a 200-day moving average of $14.04.

John Hancock Preferred Income Fund III Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, October 13th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, October 13th. This represents a $1.32 annualized dividend and a dividend yield of 11.2%.

John Hancock Preferred Income Fund III Company Profile

John Hancock Preferred Income Fund III is a publicly traded closed-end fund listed on the New York Stock Exchange under the symbol HPS. The fund is managed by John Hancock Investment Management, an asset-management business of Manulife Investment Management.

The fund’s primary objective is to provide a high level of current income. It invests mainly in preferred securities issued by companies in the financial, utility, telecommunications and other industries, while also investing in other income-producing securities when appropriate.