Manulife Financial Co. (NYSE:MFC) Sees Significant Decrease in Short Interest

Manulife Financial Co. (NYSE:MFC - Get Free Report) TSE: MFC saw a significant drop in short interest in 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 trading volume, of 2,200,000 shares, the days-to-cover ratio is currently 6.7 days.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MFC. Brooklyn Investment Group purchased a new stake in shares of Manulife Financial during the third quarter worth $26,000. Crews Bank & Trust acquired a new position in Manulife Financial during the fourth quarter worth about $26,000. Lee Danner & Bass Inc. purchased a new stake in Manulife Financial during the 4th quarter valued at about $31,000. Stonebridge Financial Group LLC acquired a new stake in Manulife Financial in the 4th quarter valued at about $34,000. Finally, Golden State Wealth Management LLC purchased a new position in Manulife Financial in the 4th quarter worth approximately $35,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Remove Ads

Manulife Financial Trading Up 0.5 %

NYSE:MFC traded up $0.16 during trading hours on Monday, reaching $30.92. 542,078 shares of the company were exchanged, compared to its average volume of 2,204,810. The firm has a market cap of $53.26 billion, a PE ratio of 14.94, a price-to-earnings-growth ratio of 1.11 and a beta of 1.05. Manulife Financial has a twelve month low of $22.61 and a twelve month high of $33.07. The stock's 50-day moving average is $30.14 and its 200-day moving average is $30.44.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate 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. As a group, research analysts anticipate that Manulife Financial will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were paid a $0.3094 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This is a positive change from Manulife Financial's previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.00%. Manulife Financial's payout ratio is currently 58.45%.

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.