John Hancock Preferred Income Fund (NYSE:HPI) Sees Significant Drop in Short Interest

John Hancock Preferred Income Fund (NYSE:HPI) was the target of a large decline in short interest during the month of December. As of December 31st, there was short interest totaling 141,437 shares, a decline of 51.3% from the December 15th total of 290,711 shares. Based on an average trading volume of 71,892 shares, the days-to-cover ratio is currently 2.0 days. Based on an average trading volume of 71,892 shares, the days-to-cover ratio is currently 2.0 days.

Hedge Funds Weigh In On John Hancock Preferred Income Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC raised its position in shares of John Hancock Preferred Income Fund by 34.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 25,712 shares of the company’s stock worth $418,000 after purchasing an additional 6,591 shares during the period. Allworth Financial LP increased its position in John Hancock Preferred Income Fund by 47.7% in the third quarter. Allworth Financial LP now owns 6,260 shares of the company’s stock worth $109,000 after buying an additional 2,023 shares during the period. NewEdge Advisors LLC increased its position in John Hancock Preferred Income Fund by 3.7% in the third quarter. NewEdge Advisors LLC now owns 20,851 shares of the company’s stock worth $362,000 after buying an additional 742 shares during the period. Mariner LLC lifted its position in John Hancock Preferred Income Fund by 28.7% in the 3rd quarter. Mariner LLC now owns 52,542 shares of the company’s stock valued at $912,000 after purchasing an additional 11,713 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its position in shares of John Hancock Preferred Income Fund by 3.0% during the third quarter. Raymond James Financial Inc. now owns 121,657 shares of the company’s stock worth $2,111,000 after buying an additional 3,557 shares during the period.

John Hancock Preferred Income Fund Stock Performance

HPI traded up $0.02 during trading hours on Thursday, hitting $16.27. 68,000 shares of the stock were exchanged, compared to its average volume of 59,970. The stock has a 50-day simple moving average of $16.64 and a 200-day simple moving average of $16.60. John Hancock Preferred Income Fund has a 12 month low of $14.61 and a 12 month high of $17.78.

John Hancock Preferred Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, January 30th. Investors of record on Monday, December 29th will be paid a dividend of $0.1235 per share. The ex-dividend date is Monday, December 29th. This represents a c) annualized dividend and a yield of 9.1%.

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.