John Hancock Premium Dividend Fund (NYSE:PDT) Reaches New 12-Month Low - Here's Why

Key Points

• John Hancock Premium Dividend Fund shares hit a new 52-week low, falling to $11.91 during Wednesday trading versus a prior close of $12.01. The price remained below its 50-day and 200-day moving averages of $12.71 and $12.92, respectively.
• The fund declared a monthly dividend of $0.0883 per share, payable September 30 to shareholders of record September 11. The dividend represents an annualized yield of approximately 8.8%.
• Institutional investors own 12.98% of the fund, with several firms increasing their positions. PDT primarily invests in dividend-paying preferred and common stocks, particularly in the utility and energy sectors.

John Hancock Premium Dividend Fund (NYSE:PDT - Get Free Report) shares reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $11.91 and last traded at $11.9850, with a volume of 227198 shares changing hands. The stock had previously closed at $12.01.

John Hancock Premium Dividend Fund Stock Performance

The business's 50-day moving average price is $12.71 and its 200 day moving average price is $12.92.

John Hancock Premium Dividend Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 11th will be paid a dividend of $0.0883 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a c) annualized dividend and a yield of 8.8%.

Hedge Funds Weigh In On John Hancock Premium Dividend Fund

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arlington Capital Management Inc. increased its position in John Hancock Premium Dividend Fund by 7.2% in the second quarter. Arlington Capital Management Inc. now owns 21,440 shares of the real estate investment trust's stock worth $278,000 after buying an additional 1,441 shares during the period. SHP Wealth Management bought a new position in shares of John Hancock Premium Dividend Fund during the fourth quarter worth about $27,000. Pathway Financial Advisers LLC increased its holdings in shares of John Hancock Premium Dividend Fund by 1.2% in 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 acquiring an additional 2,702 shares during the period. PNC Financial Services Group Inc. increased its holdings 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 acquiring an additional 5,405 shares during the period. Finally, Fifth Third Bancorp bought a new stake in John Hancock Premium Dividend Fund in the 1st quarter valued at about $115,000. 12.98% of the stock is owned by hedge funds and other institutional investors.

About John Hancock Premium Dividend Fund

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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