Manulife Financial Co. (NYSE:MFC) Sees Large Decline in Short Interest

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) saw a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 14,780,000 shares, a drop of 67.6% from the February 28th total of 45,620,000 shares. Approximately 0.9% of the shares of the company are short sold. Based on an average daily volume of 2,200,000 shares, the short-interest ratio is currently 6.7 days.

Manulife Financial Stock Down 1.1 %

MFC stock traded down $0.35 during midday trading on Friday, reaching $30.77. The stock had a trading volume of 2,343,501 shares, compared to its average volume of 2,211,257. Manulife Financial has a twelve month low of $22.61 and a twelve month high of $33.07. The firm has a market cap of $53.01 billion, a price-to-earnings ratio of 14.87, a PEG ratio of 1.11 and a beta of 1.05. The business has a fifty day simple moving average of $30.14 and a two-hundred day simple moving average of $30.40.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The firm had revenue of $9.31 billion during the quarter. On average, equities analysts predict that Manulife Financial will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a dividend of $0.3094 per share. This represents a $1.24 annualized dividend and a dividend yield of 4.02%. The ex-dividend date was Wednesday, March 5th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s payout ratio is 58.45%.

Institutional Trading of Manulife Financial

A number of large investors have recently bought and sold shares of MFC. Wellington Management Group LLP boosted its holdings in shares of Manulife Financial by 1.3% in the fourth quarter. Wellington Management Group LLP now owns 652,730 shares of the financial services provider’s stock valued at $20,042,000 after buying an additional 8,128 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in Manulife Financial by 3.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 97,223 shares of the financial services provider’s stock valued at $2,986,000 after purchasing an additional 3,419 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $11,663,000. B. Riley Wealth Advisors Inc. raised its stake in Manulife Financial by 6.7% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 13,168 shares of the financial services provider’s stock valued at $404,000 after acquiring an additional 830 shares during the period. Finally, Mackenzie Financial Corp raised its position in shares of Manulife Financial by 0.9% in the fourth quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider’s stock valued at $755,367,000 after purchasing an additional 230,105 shares during the period. 52.56% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Royal Bank of Canada lifted their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $45.50.

Manulife Financial Company Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.