John Hancock Financial Opportunities Fund (NYSE:BTO) Stock Price Breaks Below 50 Day Moving Average - Here's What Happened

Key Points

• BTO shares fell below their 50-day moving average of $38.72, trading as low as $36.40 before closing at $36.54 on volume of 50,129 shares.
• The fund paid a quarterly dividend of $0.65 per share, equivalent to $2.60 annually and a 7.1% dividend yield.
• Institutional investors increased their holdings in the fund, with hedge funds and other institutions owning 19.55% of shares.

John Hancock Financial Opportunities Fund (NYSE:BTO - Get Free Report)'s stock price passed below its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $38.72 and traded as low as $36.40. John Hancock Financial Opportunities Fund shares last traded at $36.54, with a volume of 50,129 shares changing hands.

John Hancock Financial Opportunities Fund Price Performance

The stock's 50-day moving average is $38.72 and its two-hundred day moving average is $38.07.

John Hancock Financial Opportunities Fund Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Friday, September 11th were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Friday, September 11th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 7.1%.

Institutional Investors Weigh In On John Hancock Financial Opportunities Fund

Several hedge funds and other institutional investors have recently modified their holdings of BTO. Fifth Third Bancorp purchased a new position in John Hancock Financial Opportunities Fund during the 1st quarter valued at $206,000. Cetera Investment Advisers grew its position in John Hancock Financial Opportunities Fund by 18.5% in the 1st quarter. Cetera Investment Advisers now owns 8,415 shares of the financial services provider's stock valued at $302,000 after acquiring an additional 1,315 shares during the last quarter. Redwood Wealth Management Group LLC increased its stake in John Hancock Financial Opportunities Fund by 4.5% in the first quarter. Redwood Wealth Management Group LLC now owns 9,229 shares of the financial services provider's stock worth $331,000 after purchasing an additional 400 shares during the period. Kestra Advisory Services LLC increased its stake in John Hancock Financial Opportunities Fund by 4.4% in the first quarter. Kestra Advisory Services LLC now owns 15,090 shares of the financial services provider's stock worth $541,000 after purchasing an additional 639 shares during the period. Finally, Private Advisor Group LLC increased its stake in John Hancock Financial Opportunities Fund by 3.4% in the first quarter. Private Advisor Group LLC now owns 23,961 shares of the financial services provider's stock worth $859,000 after purchasing an additional 796 shares during the period. 19.55% of the stock is currently owned by hedge funds and other institutional investors.

About John Hancock Financial Opportunities Fund

John Hancock Financial Opportunities Fund is a publicly traded closed-end investment company listed on the New York Stock Exchange under the symbol BTO. The fund is designed to provide investors with exposure to the financial services sector rather than operating as a traditional financial services company.

The fund seeks a high level of current income and long-term capital appreciation by investing primarily in companies involved in banking, insurance, asset management, financial technology and other financial-related activities.

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