John Hancock Financial Opportunities Fund (NYSE:BTO) Reaches New 52-Week High - Here's What Happened

Key Points

• John Hancock Financial Opportunities Fund (NYSE:BTO) hit a new 52-week high on Thursday, trading as high as $40.70 before last changing hands at $40.60.
• The fund recently paid a quarterly dividend of $0.65 per share, which works out to an annualized dividend of $2.60 and a 6.4% yield.
• Institutional investors have been modestly increasing their positions in BTO, and hedge funds and other institutions now own 19.55% of the fund.

John Hancock Financial Opportunities Fund (NYSE:BTO - Get Free Report)'s stock price reached a new 52-week high on Thursday . The company traded as high as $40.70 and last traded at $40.60, with a volume of 11006 shares. The stock had previously closed at $39.76.

John Hancock Financial Opportunities Fund Price Performance

The company has a 50-day moving average price of $37.64 and a 200 day moving average price of $36.86.

John Hancock Financial Opportunities Fund Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Thursday, June 11th were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Thursday, June 11th. This represents a $2.60 dividend on an annualized basis and a yield of 6.4%.

Institutional Investors Weigh In On John Hancock Financial Opportunities Fund

A number of large investors have recently modified their holdings of BTO. Stifel Financial Corp raised its position in John Hancock Financial Opportunities Fund by 0.3% during the 4th quarter. Stifel Financial Corp now owns 86,733 shares of the financial services provider's stock worth $3,043,000 after buying an additional 302 shares during the last quarter. Redwood Wealth Management Group LLC grew its position 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 acquiring an additional 400 shares during the period. Ameriprise Financial Inc. increased its position in shares of John Hancock Financial Opportunities Fund by 2.5% in the second 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 in the last quarter. Kestra Advisory Services LLC raised its position in John Hancock Financial Opportunities Fund by 4.4% during the first quarter. Kestra Advisory Services LLC now owns 15,090 shares of the financial services provider's stock worth $541,000 after acquiring an additional 639 shares during the period. Finally, Private Advisor Group LLC lifted its stake in 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 in the last quarter. Hedge funds and other institutional investors own 19.55% of the company's stock.

John Hancock Financial Opportunities Fund Company Profile

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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