John Hancock Preferred Income Fund III (NYSE:HPS) Sees Large Drop in Short Interest

John Hancock Preferred Income Fund III (NYSE:HPS) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 97,100 shares, a decline of 23.0% from the September 30th total of 126,100 shares. Based on an average daily volume of 43,600 shares, the days-to-cover ratio is presently 2.2 days.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in HPS. Concourse Financial Group Securities Inc. purchased a new position in John Hancock Preferred Income Fund III in the 1st quarter worth approximately $25,000. US Bancorp DE purchased a new position in John Hancock Preferred Income Fund III in the 3rd quarter worth approximately $76,000. Cetera Advisors LLC purchased a new position in John Hancock Preferred Income Fund III in the 1st quarter worth approximately $199,000. Pine Valley Investments Ltd Liability Co lifted its holdings in John Hancock Preferred Income Fund III by 10.6% in the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 18,841 shares of the company’s stock worth $298,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in shares of John Hancock Preferred Income Fund III by 3.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 107,801 shares of the company’s stock worth $1,704,000 after acquiring an additional 3,128 shares in the last quarter.

John Hancock Preferred Income Fund III Stock Down 1.1 %

HPS stock opened at $15.78 on Wednesday. John Hancock Preferred Income Fund III has a twelve month low of $11.79 and a twelve month high of $17.25. The business’s 50-day moving average price is $16.63 and its 200-day moving average price is $15.97.

John Hancock Preferred Income Fund III Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 8.37%.

About John Hancock Preferred Income Fund III

John Hancock Preferred Income Fund III is a closed ended fixed income 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 fixed income markets of the United States. It seeks to invest in securities of companies operating across diversified sectors.