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

Key Points

• John Hancock Premium Dividend Fund fell to a new 52-week low, trading as low as $11.56 and closing down 1.7% at approximately $11.59. The price is below both its 50-day and 200-day moving averages.
• The fund declared a monthly dividend of $0.0883 per share, equivalent to $1.06 annually and a 9.1% yield, payable September 30 to shareholders of record September 11.
• Several institutional investors increased their holdings, including First Trust Advisors and PNC Financial Services, but institutions and hedge funds collectively own only 12.98% of the fund.

John Hancock Premium Dividend Fund (NYSE:PDT - Get Free Report)'s stock price hit a new 52-week low on Tuesday. The company traded as low as $11.56 and last traded at $11.5850, with a volume of 185804 shares traded. The stock had previously closed at $11.78.

John Hancock Premium Dividend Fund Stock Down 1.7%

The firm's fifty day moving average price is $12.52 and its 200-day moving average price is $12.83.

John Hancock Premium Dividend Fund Dividend Announcement

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

Hedge Funds Weigh In On John Hancock Premium Dividend Fund

Hedge funds have recently modified their holdings of the company. Arlington Capital Management Inc. raised 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 acquiring an additional 1,441 shares in the last quarter. Saba Capital Management L.P. bought a new position in shares of John Hancock Premium Dividend Fund during the 1st quarter valued at about $380,000. Cetera Investment Advisers boosted its position in shares of John Hancock Premium Dividend Fund by 30.7% during the 1st quarter. Cetera Investment Advisers now owns 69,349 shares of the real estate investment trust's stock valued at $908,000 after purchasing an additional 16,298 shares in the last quarter. First Trust Advisors LP grew its stake in shares of John Hancock Premium Dividend Fund by 36.6% in the 1st quarter. First Trust Advisors LP now owns 142,765 shares of the real estate investment trust's stock worth $1,870,000 after purchasing an additional 38,256 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew 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 purchasing an additional 5,405 shares during the last quarter. 12.98% of the stock is currently owned by institutional investors and hedge funds.

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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