Manulife Financial (NYSE:MFC) Sees Unusually-High Trading Volume – Still a Buy?

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) saw strong trading volume on Thursday . 11,500,112 shares were traded during trading, an increase of 415% from the previous session’s volume of 2,231,623 shares.The stock last traded at $42.43 and had previously closed at $43.42.

Wall Street Analysts Forecast Growth

Several analysts have commented on MFC shares. Zacks Research lowered Manulife Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. TD Securities reaffirmed a “buy” rating on shares of Manulife Financial in a research note on Thursday, August 6th. Weiss Ratings raised shares of Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 5th. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Friday, August 7th. Finally, Royal Bank Of Canada boosted their target price on shares of Manulife Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $59.00.

Manulife Financial Stock Down 2.3%

The firm has a market cap of $70.53 billion, a PE ratio of 15.84 and a beta of 0.84. The firm has a 50-day moving average price of $42.38 and a two-hundred day moving average price of $38.84.

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 the consensus estimate of $0.78 by $0.01. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The firm had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $7.28 billion. During the same period in the previous year, the business earned $0.95 earnings per share. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. Research analysts forecast that Manulife Financial Corp will post 3.03 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, August 21st will be paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend is Friday, August 21st. Manulife Financial’s payout ratio is 53.36%.

Institutional Investors Weigh In On Manulife Financial

Hedge funds have recently modified their holdings of the business. Hoge Financial Services LLC lifted its stake in shares of Manulife Financial by 0.9% in the fourth quarter. Hoge Financial Services LLC now owns 31,975 shares of the financial services provider’s stock worth $1,160,000 after buying an additional 272 shares in the last quarter. Bridgewater Advisors Inc. boosted its position in Manulife Financial by 3.3% during the first quarter. Bridgewater Advisors Inc. now owns 8,675 shares of the financial services provider’s stock worth $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 valued at $504,000 after acquiring an additional 291 shares in the last quarter. Americana Partners LLC grew its stake in 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 acquiring an additional 295 shares in the last quarter. Finally, Midwest Professional Planners LTD. raised its holdings in Manulife Financial by 1.1% in the 1st quarter. Midwest Professional Planners LTD. now owns 27,702 shares of the financial services provider’s stock valued at $954,000 after acquiring an additional 305 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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.