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

John Hancock Preferred Income Fund (NYSE:HPI) passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $16.02 and traded as low as $15.95. John Hancock Preferred Income Fund shares last traded at $15.97, with a volume of 80,229 shares trading hands.

John Hancock Preferred Income Fund Trading Down 0.6%

The business’s 50 day moving average price is $16.02 and its 200-day moving average price is $16.20.

John Hancock Preferred Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Thursday, June 11th will be paid a dividend of $0.1235 per share. This represents a c) dividend on an annualized basis and a dividend yield of 9.3%. The ex-dividend date is Thursday, June 11th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Huntington National Bank acquired a new position in shares of John Hancock Preferred Income Fund during the third quarter worth about $35,000. Arax Advisory Partners acquired a new position in shares of John Hancock Preferred Income Fund during the fourth quarter worth about $37,000. Birchwood Financial Partners Inc. acquired a new position in shares of John Hancock Preferred Income Fund during the fourth quarter worth about $73,000. Allworth Financial LP increased its stake in shares of John Hancock Preferred Income Fund by 47.7% during the third quarter. Allworth Financial LP now owns 6,260 shares of the company’s stock worth $109,000 after acquiring an additional 2,023 shares during the period. Finally, Stifel Financial Corp acquired a new position in shares of John Hancock Preferred Income Fund during the fourth quarter worth about $177,000.

John Hancock Preferred Income Fund Company Profile

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.