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

John Hancock Preferred Income Fund (NYSE:HPI) was the recipient of a large drop in short interest in January. As of January 15th, there was short interest totaling 29,962 shares, a drop of 78.8% from the December 31st total of 141,437 shares. Based on an average trading volume of 60,008 shares, the days-to-cover ratio is presently 0.5 days. Based on an average trading volume of 60,008 shares, the days-to-cover ratio is presently 0.5 days.

Hedge Funds Weigh In On John Hancock Preferred Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in HPI. UBS Group AG lifted its position in John Hancock Preferred Income Fund by 5.1% during the 3rd quarter. UBS Group AG now owns 627,467 shares of the company’s stock worth $10,887,000 after acquiring an additional 30,307 shares during the period. Invesco Ltd. lifted its holdings in shares of John Hancock Preferred Income Fund by 13.7% during the third quarter. Invesco Ltd. now owns 222,924 shares of the company’s stock worth $3,868,000 after purchasing an additional 26,939 shares during the period. J.W. Cole Advisors Inc. grew its position in John Hancock Preferred Income Fund by 37.8% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 96,866 shares of the company’s stock valued at $1,549,000 after buying an additional 26,571 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in John Hancock Preferred Income Fund in the 2nd quarter valued at $415,000. Finally, KPP Advisory Services LLC purchased a new position in John Hancock Preferred Income Fund during the 2nd quarter worth $215,000.

John Hancock Preferred Income Fund Stock Up 0.2%

Shares of NYSE HPI traded up $0.03 during trading hours on Thursday, reaching $16.25. The stock had a trading volume of 57,249 shares, compared to its average volume of 53,982. John Hancock Preferred Income Fund has a fifty-two week low of $14.61 and a fifty-two week high of $17.78. The firm has a 50-day moving average of $16.48 and a 200-day moving average of $16.61.

John Hancock Preferred Income Fund Announces Dividend

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

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.