Manulife Financial Corp (NYSE:MFC) Shares Shorted: Short Interest Down 50.4% in September

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) was the target of a large drop in short interest in September. As of September 15th, there was short interest totaling 7,716,304 shares, a drop of 50.4% from the August 31st total of 15,552,561 shares. Approximately 0.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,003,481 shares, the days-to-cover ratio is presently 3.9 days.

Manulife Financial Stock Performance

NYSE MFC traded down $0.00 on Thursday, hitting $42.59. 1,099,315 shares of the stock were exchanged, compared to its average volume of 2,219,317. Manulife Financial has a 52-week low of $31.06 and a 52-week high of $45.33. The firm has a market capitalization of $70.66 billion, a P/E ratio of 15.88 and a beta of 0.83. The stock has a fifty day moving average price of $43.73 and a two-hundred day moving average price of $40.40.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.01. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $7.28 billion. During the same quarter last year, the business earned $0.95 EPS. The business’s revenue was up 7.3% on a year-over-year basis. Sell-side analysts expect that Manulife Financial will post 3 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Shareholders of record on Friday, August 21st were paid a C$0.48 dividend. The ex-dividend date of this dividend was Friday, August 21st. This represents a $1.94 annualized dividend and a yield of 4.6%. Manulife Financial’s dividend payout ratio (DPR) is presently 51.49%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MFC. Bridgewater Advisors Inc. lifted its position in Manulife Financial by 3.3% in the first quarter. Bridgewater Advisors Inc. now owns 8,675 shares of the financial services provider’s stock valued at $299,000 after acquiring an additional 274 shares during the last quarter. Baron Wealth Management LLC grew its stake in Manulife Financial by 2.4% during the 2nd quarter. Baron Wealth Management LLC now owns 12,432 shares of the financial services provider’s stock worth $504,000 after buying an additional 291 shares during the last quarter. Midwest Professional Planners LTD. lifted its stake in Manulife Financial by 1.1% in the first quarter. Midwest Professional Planners LTD. now owns 27,702 shares of the financial services provider’s stock valued at $954,000 after buying an additional 305 shares during the last quarter. Western Wealth Management LLC boosted its holdings in shares of Manulife Financial by 5.4% in the first quarter. Western Wealth Management LLC now owns 6,192 shares of the financial services provider’s stock valued at $213,000 after acquiring an additional 317 shares during the period. Finally, Bridges Investment Management Inc. grew its position in shares of Manulife Financial by 2.0% during the fourth quarter. Bridges Investment Management Inc. now owns 16,037 shares of the financial services provider’s stock worth $582,000 after acquiring an additional 321 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on MFC shares. Weiss Ratings raised Manulife Financial from a “buy (a-)” rating to a “buy (a)” rating in a report on Wednesday, August 19th. Royal Bank Of Canada raised their target price on shares of Manulife Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Zacks Research raised shares of Manulife Financial from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 2nd. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research note on Friday, August 7th. Finally, TD Securities restated a “buy” rating on shares of Manulife Financial in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $59.00.

About Manulife Financial

Manulife Financial Corporation is a Canadian financial services company that provides insurance, wealth and asset management, retirement solutions and employee benefits. Its offerings include life and health insurance, annuities, group benefits, mutual funds, pension products and investment management services for individuals, businesses and institutional clients.

Founded in 1887 as The Manufacturers Life Insurance Company, Manulife has grown into an international organization serving customers primarily in Canada, the United States and Asia.