Manulife Financial Corp (NYSE:MFC) Short Interest Update

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) was the target of a large increase in short interest in May. As of May 29th, there was short interest totaling 24,904,565 shares, an increase of 66.0% from the May 14th total of 15,001,396 shares. Based on an average daily trading volume, of 3,331,786 shares, the short-interest ratio is currently 7.5 days. Approximately 1.5% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

MFC has been the topic of several research analyst reports. TD Securities reiterated a “buy” rating on shares of Manulife Financial in a research note on Thursday, May 14th. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Wednesday, April 29th. Finally, Weiss Ratings raised Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, May 28th. Two analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company’s stock. According to MarketBeat, Manulife Financial presently has an average rating of “Buy” and an average price target of $51.50.

Manulife Financial Trading Up 1.1%

Shares of Manulife Financial stock traded up $0.44 during trading on Monday, reaching $40.75. The company’s stock had a trading volume of 982,793 shares, compared to its average volume of 2,340,203. The company has a 50-day moving average price of $38.31 and a two-hundred day moving average price of $36.77. Manulife Financial has a fifty-two week low of $29.70 and a fifty-two week high of $40.86. The firm has a market cap of $68.00 billion, a PE ratio of 16.17 and a beta of 0.84.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). The business had revenue of $8.89 billion for the quarter, compared to analyst estimates of $2.32 billion. Manulife Financial had a return on equity of 16.58% and a net margin of 10.19%.During the same quarter in the prior year, the company earned $0.99 EPS. On average, analysts predict that Manulife Financial will post 3.2 earnings per share for the current fiscal year.

Manulife Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, May 29th will be given a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 4.8%. The ex-dividend date is Friday, May 29th. Manulife Financial’s payout ratio is 56.75%.

Institutional Trading of Manulife Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. Basepoint Wealth LLC purchased a new position in shares of Manulife Financial in the 4th quarter valued at approximately $25,000. Hantz Financial Services Inc. purchased a new stake in shares of Manulife Financial during the fourth quarter worth approximately $28,000. Canerector Inc. lifted its holdings in shares of Manulife Financial by 27.0% during the first quarter. Canerector Inc. now owns 800,000 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 170,000 shares during the period. Sfam LLC acquired a new stake in shares of Manulife Financial during the fourth quarter worth $28,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in Manulife Financial in the 1st quarter valued at $29,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Company Profile

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.