John Hancock Preferred Income Fund (NYSE:HPI) Shares Pass Below 50-Day Moving Average – What’s Next?

John Hancock Preferred Income Fund (NYSE:HPI) passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $17.13 and traded as low as $16.69. John Hancock Preferred Income Fund shares last traded at $16.74, with a volume of 53,426 shares.

John Hancock Preferred Income Fund Stock Performance

The stock has a 50 day moving average price of $17.13 and a 200 day moving average price of $17.51.

John Hancock Preferred Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 13th will be paid a $0.1235 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 8.85%. The ex-dividend date of this dividend is Thursday, March 13th.

Institutional Investors Weigh In On John Hancock Preferred Income Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. raised its stake in John Hancock Preferred Income Fund by 4.5% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 16,809 shares of the company’s stock valued at $282,000 after acquiring an additional 728 shares during the period. Ameriflex Group Inc. bought a new stake in John Hancock Preferred Income Fund in the 4th quarter valued at about $46,000. Cetera Investment Advisers raised its stake in John Hancock Preferred Income Fund by 12.2% in the 4th quarter. Cetera Investment Advisers now owns 32,382 shares of the company’s stock valued at $539,000 after acquiring an additional 3,526 shares during the period. LaSalle St. Investment Advisors LLC bought a new stake in John Hancock Preferred Income Fund in the 4th quarter valued at about $441,000. Finally, Cohen & Steers Inc. bought a new stake in John Hancock Preferred Income Fund in the 4th quarter valued at about $572,000.

John Hancock Preferred Income Fund Company Profile

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.