John Hancock Premium Dividend Fund (NYSE:PDT) Reaches New 52-Week Low - Time to Sell?

Key Points

• John Hancock Premium Dividend Fund shares hit a new 52-week low of $11.49 and were last trading around $11.75, below both the 50-day ($12.16) and 200-day ($12.66) moving averages.
• The fund declared a monthly dividend of $0.0883 per share, equivalent to approximately $1.06 annually and a 9.0% yield; the ex-dividend date is October 13.
• Institutional investors made several purchases or increased holdings, but they collectively own only 12.98% of the fund. PDT invests primarily in preferred stocks and dividend-paying common stocks to generate current income and long-term capital appreciation.

Shares of John Hancock Premium Dividend Fund (NYSE:PDT - Get Free Report) hit a new 52-week low on Friday. The stock traded as low as $11.49 and last traded at $11.7520, with a volume of 36,632 shares. The stock had previously closed at $11.80.

John Hancock Premium Dividend Fund Stock Down 0.4%

The stock has a 50 day moving average of $12.16 and a 200 day moving average of $12.66.

John Hancock Premium Dividend Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, October 13th will be paid a dividend of $0.0883 per share. The ex-dividend date is Tuesday, October 13th. This represents a $1.06 annualized dividend and a yield of 9.0%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Absolute Investment Advisers LLC bought a new stake in shares of John Hancock Premium Dividend Fund during the 1st quarter valued at about $1,145,000. Calamos Advisors LLC bought a new position in John Hancock Premium Dividend Fund in the first quarter worth about $769,000. Axxcess Wealth Management LLC boosted its stake in John Hancock Premium Dividend Fund by 7.2% in the third quarter. Axxcess Wealth Management LLC now owns 645,219 shares of the real estate investment trust's stock valued at $7,562,000 after acquiring an additional 43,097 shares during the period. First Trust Advisors LP boosted its stake in John Hancock Premium Dividend Fund by 36.6% in the first quarter. First Trust Advisors LP now owns 142,765 shares of the real estate investment trust's stock valued at $1,870,000 after acquiring an additional 38,256 shares during the period. Finally, Saba Capital Management L.P. bought a new position in shares of John Hancock Premium Dividend Fund during the first quarter valued at approximately $380,000. 12.98% of the stock is currently owned by institutional investors.

About John Hancock Premium Dividend Fund

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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