John Hancock Preferred Income Fund (NYSE:HPI) Short Interest Up 1,599.1% in March

John Hancock Preferred Income Fund (NYSE:HPI) was the recipient of a large growth in short interest during the month of March. As of March 13th, there was short interest totaling 78,177 shares, a growth of 1,599.1% from the February 26th total of 4,601 shares. Based on an average daily trading volume, of 58,443 shares, the short-interest ratio is presently 1.3 days. Based on an average daily trading volume, of 58,443 shares, the short-interest ratio is presently 1.3 days.

John Hancock Preferred Income Fund Stock Performance

HPI stock opened at $15.59 on Wednesday. John Hancock Preferred Income Fund has a twelve month low of $14.61 and a twelve month high of $17.61. The business has a fifty day moving average of $16.15 and a 200-day moving average of $16.65.

John Hancock Preferred Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Thursday, March 12th will be given a $0.1235 dividend. This represents a c) dividend on an annualized basis and a yield of 9.5%. The ex-dividend date is Thursday, March 12th.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Huntington National Bank acquired a new stake in shares of John Hancock Preferred Income Fund during the 3rd quarter worth approximately $35,000. Arax Advisory Partners bought a new stake in John Hancock Preferred Income Fund in the fourth quarter valued at approximately $37,000. Birchwood Financial Partners Inc. bought a new stake in shares of John Hancock Preferred Income Fund in the 4th quarter valued at $73,000. Allworth Financial LP increased its holdings in shares of John Hancock Preferred Income Fund by 47.7% in the third quarter. Allworth Financial LP now owns 6,260 shares of the company’s stock worth $109,000 after acquiring an additional 2,023 shares in the last quarter. Finally, Stifel Financial Corp acquired a new stake in John Hancock Preferred Income Fund during the 4th quarter worth approximately $177,000.

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.