John Hancock Financial Opprts Fund (NYSE:BTO) Shares Cross Below 50-Day Moving Average of $31.11

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Shares of John Hancock Financial Opprts Fund (NYSE:BTO) passed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $31.11 and traded as low as $32.94. John Hancock Financial Opprts Fund shares last traded at $33.00, with a volume of 500 shares changing hands.

Separately, Canaccord Genuity reaffirmed a “buy” rating and issued a $5.75 target price on shares of John Hancock Financial Opprts Fund in a report on Wednesday, June 5th.

The stock has a fifty day simple moving average of $31.12 and a two-hundred day simple moving average of $32.31.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 6.68%. The ex-dividend date of this dividend is Thursday, September 12th. This is an increase from John Hancock Financial Opprts Fund’s previous quarterly dividend of $0.37.

Several hedge funds have recently modified their holdings of BTO. Wells Fargo & Company MN boosted its holdings in shares of John Hancock Financial Opprts Fund by 52.6% in the 2nd quarter. Wells Fargo & Company MN now owns 331,505 shares of the financial services provider’s stock valued at $10,675,000 after purchasing an additional 114,269 shares in the last quarter. Sanders Morris Harris LLC bought a new position in shares of John Hancock Financial Opprts Fund in the 2nd quarter valued at $457,000. Steward Partners Investment Advisory LLC bought a new position in shares of John Hancock Financial Opprts Fund in the 2nd quarter valued at $393,000. Private Advisor Group LLC bought a new position in shares of John Hancock Financial Opprts Fund in the 2nd quarter valued at $374,000. Finally, First Trust Advisors LP lifted its stake in shares of John Hancock Financial Opprts Fund by 35.9% in the 1st quarter. First Trust Advisors LP now owns 30,061 shares of the financial services provider’s stock valued at $959,000 after acquiring an additional 7,944 shares during the last quarter. 20.48% of the stock is currently owned by hedge funds and other institutional investors.

About John Hancock Financial Opprts Fund (NYSE:BTO)

John Hancock Financial Opportunities Fund is a closed-ended equity mutual fund launched and managed by John Hancock Advisers, LLC. It is co-managed by John Hancock Asset Management. The fund invests in the public equity markets across the globe. It seeks to invest in the stocks of companies operating across the financial services sector.

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