Manulife Financial Corp (NYSE:MFC) Sees Large Increase in Short Interest

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) saw a large increase in short interest during the month of July. As of July 31st, there was short interest totaling 13,067,775 shares, an increase of 147.3% from the July 15th total of 5,285,069 shares. Based on an average trading volume of 1,717,506 shares, the short-interest ratio is currently 7.6 days. Approximately 0.8% of the company’s stock are sold short.

Manulife Financial Stock Performance

NYSE MFC opened at $44.45 on Friday. The business’s fifty day moving average is $42.09 and its 200 day moving average is $38.71. Manulife Financial has a fifty-two week low of $29.70 and a fifty-two week high of $45.33. The company has a market capitalization of $73.88 billion, a PE ratio of 16.59 and a beta of 0.84.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter in the prior year, the business posted $0.95 earnings per share. The business’s quarterly revenue was up 7.3% on a year-over-year basis. On average, sell-side analysts forecast that Manulife Financial will post 3.03 EPS for the current year.

Manulife Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, August 21st will be paid a dividend of $0.485 per share. The ex-dividend date is Friday, August 21st. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.4%. Manulife Financial’s payout ratio is 53.36%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MFC. TD Securities reissued a “buy” rating on shares of Manulife Financial in a report on Thursday, August 6th. Zacks Research downgraded Manulife Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Friday, August 7th. Weiss Ratings upgraded Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 5th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Manulife Financial in a report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $59.00.

Institutional Investors Weigh In On Manulife Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hoge Financial Services LLC lifted its holdings in Manulife Financial by 0.9% during the fourth quarter. Hoge Financial Services LLC now owns 31,975 shares of the financial services provider’s stock valued at $1,160,000 after purchasing an additional 272 shares in the last quarter. Bridgewater Advisors Inc. increased its stake in shares of Manulife Financial by 3.3% in the first quarter. Bridgewater Advisors Inc. now owns 8,675 shares of the financial services provider’s stock worth $299,000 after purchasing an additional 274 shares in the last quarter. Baron Wealth Management LLC increased its stake in shares of Manulife Financial by 2.4% in the second quarter. Baron Wealth Management LLC now owns 12,432 shares of the financial services provider’s stock worth $504,000 after purchasing an additional 291 shares in the last quarter. Americana Partners LLC raised its position in shares of Manulife Financial by 0.5% during the 4th quarter. Americana Partners LLC now owns 59,081 shares of the financial services provider’s stock valued at $2,143,000 after purchasing an additional 295 shares during the period. Finally, Midwest Professional Planners LTD. raised its position in shares of Manulife Financial by 1.1% during the 1st quarter. Midwest Professional Planners LTD. now owns 27,702 shares of the financial services provider’s stock valued at $954,000 after purchasing an additional 305 shares during the period. 52.56% of the stock is owned by hedge funds and other institutional investors.

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.