John Hancock Financial Opportunities Fund (NYSE:BTO) Sees Significant Decrease in Short Interest

Key Points

• Short interest in John Hancock Financial Opportunities Fund (NYSE:BTO) fell sharply in July, dropping 76.9% to 3,170 shares as of July 15 from 13,728 shares on June 30. The stock now has essentially no shares shorted, with a days-to-cover ratio of just 0.1 days.
• The fund recently paid a quarterly dividend of $0.65 per share, which annualizes to $2.60 and implies a 6.4% yield.
• BTO traded near its upper range, opening at $40.45 versus a 12-month low of $32.01 and high of $41.00. Institutional investors remain involved, with hedge funds and other institutions owning 19.55% of the stock.

John Hancock Financial Opportunities Fund (NYSE:BTO - Get Free Report) was the recipient of a significant drop in short interest in July. As of July 15th, there was short interest totaling 3,170 shares, a drop of 76.9% from the June 30th total of 13,728 shares. Currently, 0.0% of the shares of the stock are short sold. Based on an average trading volume of 49,232 shares, the days-to-cover ratio is presently 0.1 days.

Institutional Trading of John Hancock Financial Opportunities Fund

Institutional investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC purchased a new position in shares of John Hancock Financial Opportunities Fund in the fourth quarter worth $2,671,000. Readystate Asset Management LP purchased a new stake in John Hancock Financial Opportunities Fund during the 4th quarter valued at $2,481,000. Raymond James Financial Inc. boosted its position in John Hancock Financial Opportunities Fund by 5.3% during the 2nd quarter. Raymond James Financial Inc. now owns 558,810 shares of the financial services provider's stock valued at $19,793,000 after buying an additional 28,231 shares during the period. Wells Fargo & Company MN grew its holdings in John Hancock Financial Opportunities Fund by 3.7% in the 4th quarter. Wells Fargo & Company MN now owns 667,192 shares of the financial services provider's stock worth $23,405,000 after acquiring an additional 23,822 shares during the last quarter. Finally, Landscape Capital Management L.L.C. bought a new stake in John Hancock Financial Opportunities Fund in the 4th quarter worth $391,000. Hedge funds and other institutional investors own 19.55% of the company's stock.

John Hancock Financial Opportunities Fund Price Performance

John Hancock Financial Opportunities Fund stock opened at $40.45 on Friday. The firm has a fifty day simple moving average of $38.18 and a two-hundred day simple moving average of $37.10. John Hancock Financial Opportunities Fund has a twelve month low of $32.01 and a twelve month high of $41.00.

John Hancock Financial Opportunities Fund Announces Dividend

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

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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