John Hancock Preferred Income Fund III (NYSE:HPS – Get Free Report) saw a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 17,995 shares, a growth of 1,640.3% from the September 30th total of 1,034 shares. Based on an average daily volume of 163,681 shares, the days-to-cover ratio is presently 0.1 days.
Institutional Investors Weigh In On John Hancock Preferred Income Fund III
A number of institutional investors have recently added to or reduced their stakes in the stock. Shaker Financial Services LLC purchased a new stake in John Hancock Preferred Income Fund III in the 3rd quarter worth $1,097,000. Janney Montgomery Scott LLC lifted its holdings in John Hancock Preferred Income Fund III by 9.8% during the first quarter. Janney Montgomery Scott LLC now owns 22,174 shares of the company’s stock valued at $316,000 after purchasing an additional 1,987 shares in the last quarter. Fifth Third Bancorp purchased a new position in John Hancock Preferred Income Fund III during the first quarter valued at $92,000. Focus Financial Network Inc. lifted its holdings in John Hancock Preferred Income Fund III by 18.1% during the second quarter. Focus Financial Network Inc. now owns 14,776 shares of the company’s stock valued at $215,000 after purchasing an additional 2,260 shares in the last quarter. Finally, Royal Bank of Canada grew its position in shares of John Hancock Preferred Income Fund III by 2.1% in the first quarter. Royal Bank of Canada now owns 164,919 shares of the company’s stock valued at $2,348,000 after purchasing an additional 3,323 shares during the period.
John Hancock Preferred Income Fund III Stock Performance
HPS stock traded down $0.06 during mid-day trading on Tuesday, reaching $11.60. 37,919 shares of the company’s stock were exchanged, compared to its average volume of 74,276. John Hancock Preferred Income Fund III has a 12-month low of $11.39 and a 12-month high of $15.54. The stock’s 50 day moving average is $12.73 and its 200 day moving average is $14.05.
John Hancock Preferred Income Fund III Announces Dividend
The firm also recently announced a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, October 13th will be paid a dividend of $0.11 per share. This represents a $1.32 annualized dividend and a dividend yield of 11.4%. The ex-dividend date of this dividend is Tuesday, October 13th.
About John Hancock Preferred Income Fund III
John Hancock Preferred Income Fund III is a closed-end investment fund listed on the New York Stock Exchange under the symbol HPS. The fund seeks to provide a high level of current income by investing primarily in preferred securities and other income-producing investments.
The fund’s portfolio may include preferred stocks, preferred securities issued by financial institutions and other companies, corporate debt securities, and convertible securities. These investments can provide exposure to a range of industries and may include issuers based in the United States and other countries, subject to the fund’s investment policies.
John Hancock Preferred Income Fund III is managed by John Hancock Investment Management, an asset-management business of Manulife Investment Management.
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