John Hancock Financial Opportunities Fund (NYSE:BTO) Hits New 1-Year High - Here's Why

Key Points

• John Hancock Financial Opportunities Fund reached a new 52-week high, trading as high as $41.00 before closing near $40.58. Its 50-day and 200-day moving averages were $38.27 and $37.14, respectively.
• The fund paid a quarterly dividend of $0.65 per share, equivalent to $2.60 annually and a 6.4% dividend yield.
• Institutional investors modestly increased their positions, while hedge funds and other institutions collectively owned 19.55% of the fund.

John Hancock Financial Opportunities Fund (NYSE:BTO - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $41.00 and last traded at $40.5820, with a volume of 32527 shares changing hands. The stock had previously closed at $40.45.

John Hancock Financial Opportunities Fund Price Performance

The company's fifty day moving average is $38.27 and its two-hundred day moving average is $37.14.

John Hancock Financial Opportunities Fund Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Thursday, June 11th were paid a $0.65 dividend. The ex-dividend date was Thursday, June 11th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.4%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Stifel Financial Corp boosted its holdings in John Hancock Financial Opportunities Fund by 0.3% in the fourth quarter. Stifel Financial Corp now owns 86,733 shares of the financial services provider's stock valued at $3,043,000 after purchasing an additional 302 shares during the last quarter. Redwood Wealth Management Group LLC raised its stake in shares of John Hancock Financial Opportunities Fund by 4.5% during the 1st quarter. Redwood Wealth Management Group LLC now owns 9,229 shares of the financial services provider's stock valued at $331,000 after buying an additional 400 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of John Hancock Financial Opportunities Fund by 2.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 22,951 shares of the financial services provider's stock valued at $813,000 after buying an additional 552 shares during the period. Kestra Advisory Services LLC lifted its holdings in shares of John Hancock Financial Opportunities Fund by 4.4% in the 1st quarter. Kestra Advisory Services LLC now owns 15,090 shares of the financial services provider's stock valued at $541,000 after buying an additional 639 shares during the period. Finally, Private Advisor Group LLC lifted its holdings in shares of John Hancock Financial Opportunities Fund by 3.4% in the 1st quarter. Private Advisor Group LLC now owns 23,961 shares of the financial services provider's stock valued at $859,000 after buying an additional 796 shares during the period. Hedge funds and other institutional investors own 19.55% of the company's stock.

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.

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