Manulife Financial Co. (NYSE:MFC) Short Interest Down 58.1% in March

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) was the target of a significant decline in short interest in the month of March. As of March 31st, there was short interest totalling 6,190,000 shares, a decline of 58.1% from the March 15th total of 14,780,000 shares. Currently, 0.4% of the company’s shares are short sold. Based on an average daily trading volume, of 2,470,000 shares, the short-interest ratio is currently 2.5 days.

Manulife Financial Stock Up 0.8 %

Shares of MFC opened at $28.99 on Wednesday. Manulife Financial has a twelve month low of $22.61 and a twelve month high of $33.07. The stock has a market cap of $49.82 billion, a PE ratio of 14.01, a P/E/G ratio of 1.11 and a beta of 0.89. The business’s 50-day moving average price is $29.81 and its 200-day moving average price is $30.45.

Manulife Financial (NYSE:MFC) (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. The firm had revenue of $9.31 billion for the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. Analysts expect that Manulife Financial will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a dividend of $0.3094 per share. This represents a $1.24 annualized dividend and a yield of 4.27%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Wednesday, March 5th. Manulife Financial’s dividend payout ratio (DPR) is presently 58.45%.

Analyst Ratings Changes

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

Institutional Trading of Manulife Financial

Several hedge funds and other institutional investors have recently bought and sold shares of MFC. Crews Bank & Trust purchased a new position in shares of Manulife Financial in the fourth quarter worth $26,000. Lee Danner & Bass Inc. bought a new position in shares of Manulife Financial during the fourth quarter valued at about $31,000. Stonebridge Financial Group LLC bought a new stake in shares of Manulife Financial in the fourth quarter worth about $34,000. Golden State Wealth Management LLC purchased a new stake in Manulife Financial in the 4th quarter worth approximately $35,000. Finally, Lazard Asset Management LLC bought a new stake in shares of Manulife Financial in the 4th quarter worth approximately $35,000. Institutional investors own 52.56% of the company’s stock.

About Manulife Financial

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.