Manulife Financial Co. (NYSE:MFC) Short Interest Up 258.6% in February

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) saw a large growth in short interest during the month of February. As of February 15th, there was short interest totalling 40,090,000 shares, a growth of 258.6% from the January 31st total of 11,180,000 shares. Based on an average daily trading volume, of 2,090,000 shares, the short-interest ratio is currently 19.2 days. Currently, 2.3% of the company’s stock are short sold.

Hedge Funds Weigh In On Manulife Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Brooklyn Investment Group acquired a new position in Manulife Financial during the 3rd quarter worth approximately $26,000. Crews Bank & Trust purchased a new stake in shares of Manulife Financial during the 4th quarter worth approximately $26,000. Capital Performance Advisors LLP purchased a new stake in shares of Manulife Financial during the 3rd quarter worth approximately $30,000. Fortitude Family Office LLC purchased a new stake in shares of Manulife Financial during the 3rd quarter worth approximately $31,000. Finally, Lee Danner & Bass Inc. purchased a new stake in shares of Manulife Financial during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Price Performance

Shares of MFC traded up $0.38 during midday trading on Friday, reaching $31.15. 2,821,325 shares of the stock were exchanged, compared to its average volume of 2,169,816. The company has a market capitalization of $53.67 billion, a price-to-earnings ratio of 15.05, a PEG ratio of 1.11 and a beta of 1.09. Manulife Financial has a twelve month low of $22.61 and a twelve month high of $33.07. The business’s 50-day moving average price is $30.35 and its 200 day moving average price is $29.96.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.07. The firm had revenue of $9.31 billion for the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. As a group, equities research analysts expect that Manulife Financial will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be given a dividend of $0.3094 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, March 5th. This represents a $1.24 annualized dividend and a yield of 3.97%. Manulife Financial’s payout ratio is presently 58.45%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MFC. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada lifted their target price on Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Manulife Financial has an average rating of “Buy” and an average price target 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.