John Hancock Financial Opportunities Fund (NYSE:BTO) Shares Cross Above 50 Day Moving Average - Here's What Happened

Key Points

• John Hancock Financial Opportunities Fund shares crossed above their 50-day moving average, reaching $40.43 before closing at $39.78. The 50-day average was $39.69, compared with a 200-day average of $37.67.
• The fund paid a quarterly dividend of $0.65 per share, equivalent to $2.60 annually and a 6.5% yield.
• Institutional investors own 19.55% of the fund, with several firms initiating or increasing positions, including Wolverine Asset Management, Readystate Asset Management, Raymond James and Wells Fargo.

John Hancock Financial Opportunities Fund (NYSE:BTO - Get Free Report) crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $39.69 and traded as high as $40.43. John Hancock Financial Opportunities Fund shares last traded at $39.78, with a volume of 28,455 shares traded.

John Hancock Financial Opportunities Fund Stock Performance

The business has a 50 day moving average price of $39.69 and a two-hundred day moving average price of $37.67.

John Hancock Financial Opportunities Fund Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Thursday, June 11th were given a $0.65 dividend. The ex-dividend date of this dividend was Thursday, June 11th. This represents a $2.60 annualized dividend and a dividend yield of 6.5%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Wolverine Asset Management LLC bought a new position in shares of John Hancock Financial Opportunities Fund during the fourth quarter worth $2,671,000. Readystate Asset Management LP bought a new stake in John Hancock Financial Opportunities Fund in the 4th quarter valued at $2,481,000. Raymond James Financial Inc. lifted its stake in John Hancock Financial Opportunities Fund by 5.3% in the 2nd quarter. Raymond James Financial Inc. now owns 558,810 shares of the financial services provider's stock worth $19,793,000 after purchasing an additional 28,231 shares in the last quarter. Wells Fargo & Company MN lifted its stake 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 purchasing an additional 23,822 shares in the last quarter. Finally, Landscape Capital Management L.L.C. bought a new position in shares of John Hancock Financial Opportunities Fund during the 4th quarter valued at about $391,000. 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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