Manulife Financial Co. (NYSE:MFC) Sees Large Drop in Short Interest

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) was the target of a large decline in short interest in June. As of June 15th, there was short interest totalling 10,620,000 shares, a decline of 66.2% from the May 31st total of 31,390,000 shares. Based on an average trading volume of 2,790,000 shares, the days-to-cover ratio is currently 3.8 days. Currently, 0.6% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Separately, National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.33.

Manulife Financial Stock Up 2.4 %

Shares of Manulife Financial stock traded up $0.61 during trading on Thursday, hitting $26.51. 2,831,985 shares of the company were exchanged, compared to its average volume of 3,060,169. Manulife Financial has a fifty-two week low of $17.07 and a fifty-two week high of $26.81. The stock has a market capitalization of $47.44 billion, a price-to-earnings ratio of 15.19, a P/E/G ratio of 0.97 and a beta of 1.09. The firm has a 50 day moving average price of $25.27 and a 200 day moving average price of $23.73.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.04. The firm had revenue of $9.49 billion during the quarter, compared to the consensus estimate of $8.85 billion. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. Analysts predict that Manulife Financial will post 2.74 earnings per share for the current year.

Manulife Financial Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd were issued a $0.29 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.16 dividend on an annualized basis and a yield of 4.38%. Manulife Financial’s payout ratio is 67.44%.

Institutional Investors Weigh In On Manulife Financial

Institutional investors have recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. acquired a new position in Manulife Financial during the third quarter valued at approximately $248,000. LPL Financial LLC lifted its position in Manulife Financial by 2.6% during the third quarter. LPL Financial LLC now owns 486,781 shares of the financial services provider’s stock valued at $8,898,000 after buying an additional 12,107 shares in the last quarter. Stifel Financial Corp lifted its position in Manulife Financial by 6.0% during the third quarter. Stifel Financial Corp now owns 163,442 shares of the financial services provider’s stock valued at $2,988,000 after buying an additional 9,188 shares in the last quarter. Northern Trust Corp lifted its position in Manulife Financial by 1.3% during the third quarter. Northern Trust Corp now owns 1,751,874 shares of the financial services provider’s stock valued at $32,024,000 after buying an additional 22,540 shares in the last quarter. Finally, Natixis Advisors L.P. lifted its position in shares of Manulife Financial by 2.9% during the third quarter. Natixis Advisors L.P. now owns 413,404 shares of the financial services provider’s stock worth $7,557,000 after purchasing an additional 11,469 shares in the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

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.