John Hancock Preferred Income Fund (NYSE:HPI) Share Price Crosses Above 50 Day Moving Average – Should You Sell?

John Hancock Preferred Income Fund (NYSE:HPI)’s share price crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $16.11 and traded as high as $16.39. John Hancock Preferred Income Fund shares last traded at $16.2860, with a volume of 65,341 shares changing hands.

John Hancock Preferred Income Fund Stock Up 0.1%

The stock’s 50 day moving average price is $16.11 and its two-hundred day moving average price is $16.12.

John Hancock Preferred Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 13th will be paid a $0.1235 dividend. The ex-dividend date is Monday, July 13th. This represents a c) dividend on an annualized basis and a yield of 9.1%.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

Hedge funds and other institutional investors have recently made changes to their positions in the company. Private Advisor Group LLC lifted its holdings in John Hancock Preferred Income Fund by 4.4% in the 3rd quarter. Private Advisor Group LLC now owns 15,440 shares of the company’s stock worth $268,000 after purchasing an additional 651 shares during the last quarter. NewEdge Advisors LLC grew its holdings in John Hancock Preferred Income Fund by 3.7% during the third quarter. NewEdge Advisors LLC now owns 20,851 shares of the company’s stock valued at $362,000 after purchasing an additional 742 shares during the last quarter. LPL Financial LLC grew its holdings in John Hancock Preferred Income Fund by 0.4% during the fourth quarter. LPL Financial LLC now owns 188,028 shares of the company’s stock valued at $3,044,000 after purchasing an additional 782 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of John Hancock Preferred Income Fund by 3.2% in the third quarter. Envestnet Asset Management Inc. now owns 32,339 shares of the company’s stock valued at $561,000 after purchasing an additional 998 shares during the period. Finally, Osaic Holdings Inc. raised its position in shares of John Hancock Preferred Income Fund by 2.5% in the fourth quarter. Osaic Holdings Inc. now owns 45,877 shares of the company’s stock valued at $743,000 after purchasing an additional 1,108 shares during the period.

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.