John Hancock Premium Dividend Fund (NYSE:PDT) Sees Significant Decrease in Short Interest

Key Points

• Short interest fell sharply: Shares sold short dropped 44.4% to 38,708 as of October 15, representing about 0.1% of outstanding shares and just 0.2 days of average trading volume to cover.
• Shares remained near $12: PDT traded at $12.04, below its 50-day average of $12.07 and 200-day average of $12.78, with a 52-week range of $11.49 to $13.65.
• High monthly income continued: The fund paid a monthly dividend of $0.0883, equivalent to approximately $1.06 annually and an 8.8% yield. Institutional investors owned 12.98% of the fund, with several firms increasing their positions.

John Hancock Premium Dividend Fund (NYSE:PDT - Get Free Report) was the target of a significant decline in short interest in October. As of October 15th, there was short interest totaling 38,708 shares, a decline of 44.4% from the September 30th total of 69,679 shares. Approximately 0.1% of the company's stock are short sold. Based on an average daily volume of 168,177 shares, the days-to-cover ratio is currently 0.2 days.

John Hancock Premium Dividend Fund Price Performance

NYSE PDT traded down $0.01 on Friday, hitting $12.04. The stock had a trading volume of 139,056 shares, compared to its average volume of 141,358. The business's fifty day moving average price is $12.07 and its 200 day moving average price is $12.78. John Hancock Premium Dividend Fund has a 52-week low of $11.49 and a 52-week high of $13.65.

John Hancock Premium Dividend Fund Dividend Announcement

The business also recently declared a monthly dividend, which was paid on Friday, October 30th. Shareholders of record on Tuesday, October 13th were issued a $0.0883 dividend. The ex-dividend date of this dividend was Tuesday, October 13th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 8.8%.

Institutional Trading of John Hancock Premium Dividend Fund

Several large investors have recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC lifted its position in John Hancock Premium Dividend Fund by 1.3% during the third quarter. Pathway Financial Advisers LLC now owns 232,538 shares of the real estate investment trust's stock worth $2,725,000 after buying an additional 3,086 shares in the last quarter. Blue Bell Private Wealth Management LLC boosted its holdings in John Hancock Premium Dividend Fund by 10.2% in the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 10,502 shares of the real estate investment trust's stock valued at $123,000 after purchasing an additional 968 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in John Hancock Premium Dividend Fund by 14.7% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 47,994 shares of the real estate investment trust's stock valued at $562,000 after purchasing an additional 6,150 shares during the last quarter. Axxcess Wealth Management LLC boosted its holdings in John Hancock Premium Dividend Fund by 7.2% in the 3rd quarter. Axxcess Wealth Management LLC now owns 645,219 shares of the real estate investment trust's stock valued at $7,562,000 after purchasing an additional 43,097 shares during the last quarter. Finally, AdvisorNet Financial Inc grew its stake in shares of John Hancock Premium Dividend Fund by 36.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 14,898 shares of the real estate investment trust's stock valued at $175,000 after buying an additional 4,000 shares during the period. Hedge funds and other institutional investors own 12.98% of the company's stock.

John Hancock Premium Dividend Fund Company Profile

John Hancock Premium Dividend Fund NYSE: PDT is a diversified closed-end investment company managed by John Hancock Investment Management LLC. The fund seeks to provide investors with a high level of current income while also pursuing long-term capital appreciation and preservation of capital.

The fund invests primarily in income-producing securities, including preferred stocks and dividend-paying common stocks. Its portfolio has historically emphasized companies in the utilities sector, although the fund may invest across other industries and in both domestic and international markets.

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