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

John Hancock Preferred Income Fund (NYSE:HPI) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totaling 216,900 shares, an increase of 443.6% from the September 15th total of 39,900 shares. Based on an average daily volume of 81,300 shares, the days-to-cover ratio is presently 2.7 days. Based on an average daily volume of 81,300 shares, the days-to-cover ratio is presently 2.7 days.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in shares of John Hancock Preferred Income Fund by 0.3% in the first quarter. Royal Bank of Canada now owns 567,767 shares of the company’s stock valued at $9,419,000 after purchasing an additional 1,753 shares during the period. Invesco Ltd. increased its holdings in shares of John Hancock Preferred Income Fund by 4.1% in the second quarter. Invesco Ltd. now owns 195,985 shares of the company’s stock valued at $3,134,000 after purchasing an additional 7,799 shares during the period. LPL Financial LLC increased its holdings in shares of John Hancock Preferred Income Fund by 7.5% in the first quarter. LPL Financial LLC now owns 183,128 shares of the company’s stock valued at $3,038,000 after purchasing an additional 12,718 shares during the period. Raymond James Financial Inc. increased its holdings in shares of John Hancock Preferred Income Fund by 3.8% in the second quarter. Raymond James Financial Inc. now owns 118,100 shares of the company’s stock valued at $1,888,000 after purchasing an additional 4,305 shares during the period. Finally, Kestra Advisory Services LLC increased its holdings in shares of John Hancock Preferred Income Fund by 9.0% in the first quarter. Kestra Advisory Services LLC now owns 108,071 shares of the company’s stock valued at $1,793,000 after purchasing an additional 8,883 shares during the period.

John Hancock Preferred Income Fund Price Performance

NYSE HPI opened at $17.18 on Friday. John Hancock Preferred Income Fund has a one year low of $14.61 and a one year high of $18.54. The business has a fifty day moving average price of $16.72 and a 200 day moving average price of $16.17.

John Hancock Preferred Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, October 31st. Shareholders of record on Tuesday, October 14th will be given a dividend of $0.1235 per share. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a c) annualized dividend and a yield of 8.6%.

About John Hancock Preferred Income Fund

John Hancock Preferred Income Fund is a closed ended balanced mutual fund launched and managed by John Hancock Investment Management LLC. It is co-managed by John Hancock Asset Management. The fund invests in the public equity and fixed income markets of the United States. It seeks to invest in securities of companies operating across diversified sectors.