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

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

Analysts Set New Price Targets

Several brokerages have issued reports on MFC. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. Royal Bank of Canada increased their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. One investment 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $45.50.

Hedge Funds Weigh In On Manulife Financial

A number of large investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. boosted its position in shares of Manulife Financial by 6.7% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 13,168 shares of the financial services provider’s stock valued at $404,000 after acquiring an additional 830 shares during the period. Mackenzie Financial Corp lifted its position in Manulife Financial by 0.9% during the fourth quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider’s stock valued at $755,367,000 after purchasing an additional 230,105 shares during the last quarter. Invst LLC lifted its position in Manulife Financial by 12.2% during the fourth quarter. Invst LLC now owns 22,352 shares of the financial services provider’s stock valued at $686,000 after purchasing an additional 2,423 shares during the last quarter. WCG Wealth Advisors LLC lifted its position in Manulife Financial by 4.5% during the fourth quarter. WCG Wealth Advisors LLC now owns 30,903 shares of the financial services provider’s stock valued at $949,000 after purchasing an additional 1,332 shares during the last quarter. Finally, Pacific Point Advisors LLC bought a new stake in Manulife Financial during the fourth quarter valued at approximately $335,000. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Stock Up 0.4 %

NYSE MFC traded up $0.14 during trading hours on Friday, reaching $30.91. 525,298 shares of the company were exchanged, compared to its average volume of 2,110,272. Manulife Financial has a 1 year low of $22.61 and a 1 year high of $33.07. The business’s 50 day simple moving average is $30.34 and its 200-day simple moving average is $29.92. The stock has a market capitalization of $53.26 billion, a P/E ratio of 14.93, a P/E/G ratio of 1.11 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates 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, sell-side analysts anticipate that Manulife Financial will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a $0.3094 dividend. 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%. The ex-dividend date is Wednesday, March 5th. Manulife Financial’s dividend payout ratio (DPR) is 58.45%.

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.