Manulife Financial Corp (NYSE:MFC) Short Interest Update

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) was the target of a significant growth in short interest in the month of April. As of April 30th, there was short interest totaling 10,937,480 shares, a growth of 144.4% from the April 15th total of 4,475,943 shares. Based on an average daily trading volume, of 1,942,688 shares, the short-interest ratio is presently 5.6 days. Approximately 0.7% of the company’s shares are short sold.

Hedge Funds Weigh In On Manulife Financial

Several institutional investors and hedge funds have recently modified their holdings of the business. Canerector Inc. raised its holdings in Manulife Financial by 4,445.8% during the 3rd quarter. Canerector Inc. now owns 28,184,000 shares of the financial services provider’s stock worth $877,932,000 after buying an additional 27,564,000 shares during the period. Norges Bank bought a new stake in shares of Manulife Financial during the fourth quarter worth $777,229,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Manulife Financial by 183.7% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider’s stock worth $402,969,000 after acquiring an additional 7,577,711 shares in the last quarter. MUFG Securities EMEA plc raised its holdings in shares of Manulife Financial by 814.3% during the second quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider’s stock worth $204,544,000 after acquiring an additional 5,699,999 shares during the period. Finally, Mackenzie Financial Corp lifted its position in Manulife Financial by 25.6% in the 3rd quarter. Mackenzie Financial Corp now owns 27,822,300 shares of the financial services provider’s stock valued at $866,649,000 after acquiring an additional 5,671,639 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Friday, February 13th. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research report on Wednesday, April 29th. Weiss Ratings downgraded Manulife Financial from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, April 24th. Finally, TD Securities reissued a “buy” rating on shares of Manulife Financial in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $51.50.

Manulife Financial Price Performance

MFC traded up $0.08 during mid-day trading on Friday, hitting $37.62. The stock had a trading volume of 1,069,286 shares, compared to its average volume of 2,269,729. The stock’s fifty day simple moving average is $36.40 and its 200-day simple moving average is $36.01. The firm has a market capitalization of $62.90 billion, a price-to-earnings ratio of 14.93 and a beta of 0.87. Manulife Financial has a 1-year low of $29.70 and a 1-year high of $40.40.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.02). The firm had revenue of $8.89 billion during the quarter, compared to analyst estimates of $2.32 billion. Manulife Financial had a net margin of 10.19% and a return on equity of 16.70%. During the same period last year, the firm earned $0.99 EPS. As a group, research analysts expect that Manulife Financial will post 3.22 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, May 29th will be issued a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 5.2%. The ex-dividend date is Friday, May 29th. Manulife Financial’s dividend payout ratio is 63.96%.

About Manulife Financial

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.