John Hancock Preferred Income Fund III (NYSE:HPS) Sees Large Decline in Short Interest

John Hancock Preferred Income Fund III (NYSE:HPS) saw a significant decline in short interest in the month of September. As of September 30th, there was short interest totalling 13,600 shares, a decline of 55.6% from the September 15th total of 30,600 shares. Based on an average trading volume of 45,800 shares, the short-interest ratio is currently 0.3 days.

Shares of NYSE:HPS traded up $0.22 during trading on Thursday, reaching $19.28. 69,020 shares of the stock were exchanged, compared to its average volume of 59,825. John Hancock Preferred Income Fund III has a 12 month low of $15.64 and a 12 month high of $19.56. The stock has a 50-day moving average price of $19.10 and a 200-day moving average price of $18.94.

The company also recently disclosed a monthly dividend, which will be paid on Friday, October 29th. Stockholders of record on Monday, October 11th will be issued a dividend of $0.11 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.85%. The ex-dividend date is Friday, October 8th.

Several large investors have recently modified their holdings of HPS. UBS Group AG boosted its holdings in shares of John Hancock Preferred Income Fund III by 19.1% during the first quarter. UBS Group AG now owns 498,512 shares of the company’s stock worth $9,073,000 after acquiring an additional 79,902 shares during the period. Cohen & Steers Inc. boosted its holdings in shares of John Hancock Preferred Income Fund III by 33.3% during the first quarter. Cohen & Steers Inc. now owns 264,120 shares of the company’s stock worth $4,807,000 after acquiring an additional 65,917 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of John Hancock Preferred Income Fund III by 1.3% in the first quarter. Ameriprise Financial Inc. now owns 143,756 shares of the company’s stock valued at $2,616,000 after buying an additional 1,786 shares during the period. Royal Bank of Canada boosted its stake in shares of John Hancock Preferred Income Fund III by 1.3% in the first quarter. Royal Bank of Canada now owns 56,540 shares of the company’s stock valued at $1,029,000 after buying an additional 726 shares during the period. Finally, Morgan Stanley boosted its stake in shares of John Hancock Preferred Income Fund III by 1.4% in the first quarter. Morgan Stanley now owns 589,454 shares of the company’s stock valued at $10,728,000 after buying an additional 8,139 shares during the period.

About John Hancock Preferred Income Fund III

John Hancock Preferred Income Fund III operates as a closed-end management investment company. It seeks to provide a high level of current income consistent with preservation of capital by investing in securities that, in the opinion of the Advisor, may be undervalued relative to similar securities in the marketplace.

Further Reading: What is the CBOE Russell 2000® Volatility Index?

Receive News & Ratings for John Hancock Preferred Income Fund III Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for John Hancock Preferred Income Fund III and related companies with MarketBeat.com's FREE daily email newsletter.