John Hancock Premium Dividend Fund (NYSE:PDT) Sees Large Increase in Short Interest

Key Points

• Short interest surged 79.4% to 44,779 shares as of September 15, up from 24,955 shares at the end of August. Despite the increase, only 0.1% of PDT’s shares are short, with a days-to-cover ratio of 0.3.
• Institutional investors own 12.98% of the fund, with several firms adding to or initiating positions, including Arlington Capital Management, Pathway Financial Advisers, PNC Financial Services, and Fifth Third Bancorp.
• PDT traded at $11.71 and offers a monthly dividend of $0.0883, equivalent to about $1.06 annually and a 9.1% dividend yield.

John Hancock Premium Dividend Fund (NYSE:PDT - Get Free Report) saw a significant growth in short interest during the month of September. As of September 15th, there was short interest totaling 44,779 shares, a growth of 79.4% from the August 31st total of 24,955 shares. Based on an average trading volume of 149,845 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.1% of the company's shares are short sold.

Hedge Funds Weigh In On John Hancock Premium Dividend Fund

Several hedge funds and other institutional investors have recently bought and sold shares of PDT. Arlington Capital Management Inc. grew its stake in shares of John Hancock Premium Dividend Fund by 7.2% in the 2nd quarter. Arlington Capital Management Inc. now owns 21,440 shares of the real estate investment trust's stock worth $278,000 after acquiring an additional 1,441 shares in the last quarter. SHP Wealth Management bought a new position in shares of John Hancock Premium Dividend Fund during the 4th quarter worth approximately $27,000. Pathway Financial Advisers LLC lifted its position in shares of John Hancock Premium Dividend Fund by 1.2% during the 1st quarter. Pathway Financial Advisers LLC now owns 231,745 shares of the real estate investment trust's stock worth $3,036,000 after buying an additional 2,702 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of John Hancock Premium Dividend Fund by 103.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,638 shares of the real estate investment trust's stock worth $139,000 after buying an additional 5,405 shares during the last quarter. Finally, Fifth Third Bancorp bought a new position in shares of John Hancock Premium Dividend Fund in the first quarter valued at approximately $115,000. Institutional investors and hedge funds own 12.98% of the company's stock.

John Hancock Premium Dividend Fund Stock Performance

PDT stock traded up $0.13 during trading on Tuesday, hitting $11.71. The company had a trading volume of 126,796 shares, compared to its average volume of 127,369. The business has a 50-day moving average of $12.52 and a 200-day moving average of $12.83. John Hancock Premium Dividend Fund has a one year low of $11.56 and a one year high of $13.65.

John Hancock Premium Dividend Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 11th will be paid a $0.0883 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 9.1%. The ex-dividend date of this dividend is Friday, September 11th.

John Hancock Premium Dividend Fund Company Profile

John Hancock Premium Dividend Fund NYSE: PDT is a closed-end management investment company that seeks to provide current income and long-term capital appreciation. The fund invests primarily in dividend-paying securities, including preferred and common stocks, with an emphasis on companies in the utility and energy sectors.

The fund's portfolio may include securities issued by electric, gas and water utilities, telecommunications companies, pipelines and other infrastructure-related businesses.

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