John Hancock Financial Opportunities Fund (NYSE:BTO) Stock Price Crosses Above 50 Day Moving Average – Here’s Why

John Hancock Financial Opportunities Fund (NYSE:BTO) passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $37.04 and traded as high as $38.92. John Hancock Financial Opportunities Fund shares last traded at $38.7530, with a volume of 51,700 shares trading hands.

John Hancock Financial Opportunities Fund Stock Performance

The business has a 50-day moving average of $37.04 and a two-hundred day moving average of $36.54.

John Hancock Financial Opportunities Fund Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Thursday, June 11th will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 6.7%. The ex-dividend date of this dividend is Thursday, June 11th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Bank of America Corp DE boosted its stake in John Hancock Financial Opportunities Fund by 3.0% during the first quarter. Bank of America Corp DE now owns 45,151 shares of the financial services provider’s stock worth $1,620,000 after buying an additional 1,311 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of John Hancock Financial Opportunities Fund by 3.3% during the 1st quarter. Royal Bank of Canada now owns 267,804 shares of the financial services provider’s stock worth $9,606,000 after acquiring an additional 8,443 shares during the period. FCA Corp TX boosted its position in shares of John Hancock Financial Opportunities Fund by 2.4% during the 1st quarter. FCA Corp TX now owns 88,984 shares of the financial services provider’s stock valued at $3,192,000 after acquiring an additional 2,064 shares in the last quarter. Cetera Investment Advisers increased its stake in John Hancock Financial Opportunities Fund by 18.5% in the first quarter. Cetera Investment Advisers now owns 8,415 shares of the financial services provider’s stock valued at $302,000 after acquiring an additional 1,315 shares during the period. Finally, Fifth Third Bancorp acquired a new position in John Hancock Financial Opportunities Fund in the first quarter worth about $206,000. 19.55% of the stock is currently owned by institutional investors and hedge funds.

About John Hancock Financial Opportunities Fund

John Hancock Financial Opportunities Fund (NYSE: BTO) is a closed-end management investment company sponsored by John Hancock Investment Management, a division of Manulife Investment Management. Since its inception in August 2004, the fund has sought to deliver total return through a combination of current income and capital appreciation. As a publicly traded fund, it offers investors access to a diversified portfolio of financial services companies that might otherwise require direct equity investments or specialized mandates.

The fund primarily invests in common stocks, preferred stocks and convertible securities issued by companies in the banking, insurance, brokerage and specialty finance sectors.