Short Interest in Manulife Financial Co. (NYSE:MFC) Expands By 258.6%

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. Currently, 2.3% of the shares of the company are sold short. Based on an average daily volume of 2,090,000 shares, the short-interest ratio is presently 19.2 days.

Hedge Funds Weigh In On Manulife Financial

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on MFC shares. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada boosted their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 21st. One 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.com, the stock presently has an average rating of “Buy” and a consensus price target of $45.50.

Manulife Financial Stock Up 0.4 %

Shares of NYSE:MFC traded up $0.14 during midday trading on Friday, hitting $30.91. The stock had a trading volume of 525,298 shares, compared to its average volume of 2,110,272. The company’s 50-day moving average price is $30.34 and its 200-day moving average price is $29.92. The company has a market capitalization of $53.26 billion, a P/E ratio of 14.93, a price-to-earnings-growth ratio of 1.11 and a beta of 1.09. Manulife Financial has a fifty-two week low of $22.61 and a fifty-two week high of $33.07.

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

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a dividend of $0.3094 per share. This represents a $1.24 dividend on an annualized basis and a yield of 4.00%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, March 5th. Manulife Financial’s dividend 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.