John Hancock Financial Opportunities Fund (NYSE:BTO) Share Price Crosses Above 50 Day Moving Average - Here's Why

Key Points

• BTO shares moved above their 50-day moving average, reaching $40.10 before closing at $39.68, compared with a 50-day average of $39.98 and a 200-day average of $37.72.
• The fund paid a quarterly dividend of $0.65 per share, equivalent to $2.60 annually and a 6.6% yield.
• Institutional investors and hedge funds collectively own 19.55% of the fund, with several firms modestly increasing their positions recently.

John Hancock Financial Opportunities Fund (NYSE:BTO - Get Free Report)'s stock price passed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $39.98 and traded as high as $40.10. John Hancock Financial Opportunities Fund shares last traded at $39.68, with a volume of 27,426 shares trading hands.

John Hancock Financial Opportunities Fund Trading Up 0.1%

The firm's fifty day moving average is $39.98 and its 200-day moving average is $37.72.

John Hancock Financial Opportunities Fund Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Thursday, June 11th were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 6.6%. The ex-dividend date was Thursday, June 11th.

Institutional Investors Weigh In On John Hancock Financial Opportunities Fund

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Stifel Financial Corp boosted its stake in shares of John Hancock Financial Opportunities Fund by 0.3% during the fourth quarter. Stifel Financial Corp now owns 86,733 shares of the financial services provider's stock valued at $3,043,000 after acquiring an additional 302 shares during the last quarter. Redwood Wealth Management Group LLC increased its stake in John Hancock Financial Opportunities Fund by 4.5% during the first quarter. Redwood Wealth Management Group LLC now owns 9,229 shares of the financial services provider's stock worth $331,000 after acquiring an additional 400 shares during the last quarter. 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 worth $813,000 after acquiring an additional 552 shares in the last quarter. Kestra Advisory Services LLC boosted its holdings in John Hancock Financial Opportunities Fund by 4.4% in the 1st 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 grew its holdings in John Hancock Financial Opportunities Fund by 3.4% during the 1st quarter. Private Advisor Group LLC now owns 23,961 shares of the financial services provider's stock valued at $859,000 after purchasing an additional 796 shares in the last quarter. 19.55% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source