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 decrease in short interest in March. As of March 31st, there was short interest totalling 6,190,000 shares, a decrease of 58.1% from the March 15th total of 14,780,000 shares. Based on an average daily volume of 2,470,000 shares, the days-to-cover ratio is presently 2.5 days. Currently, 0.4% of the company’s stock are short sold.

Manulife Financial Stock Performance

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

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

Manulife Financial Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Royal Bank of Canada raised their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. One research 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 presently has an average rating of “Buy” and a consensus price target of $45.50.

Hedge Funds Weigh In On Manulife Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Barclays PLC increased its holdings in shares of Manulife Financial by 60.1% during the 3rd quarter. Barclays PLC now owns 741,764 shares of the financial services provider’s stock valued at $21,919,000 after purchasing an additional 278,307 shares in the last quarter. Invst LLC increased its holdings in Manulife Financial by 24.8% in the third quarter. Invst LLC now owns 19,929 shares of the financial services provider’s stock valued at $589,000 after buying an additional 3,964 shares in the last quarter. Sanctuary Advisors LLC raised its position in shares of Manulife Financial by 148.9% in the third quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider’s stock worth $2,382,000 after acquiring an additional 43,877 shares during the period. World Investment Advisors LLC boosted its stake in shares of Manulife Financial by 30.1% during the 3rd quarter. World Investment Advisors LLC now owns 12,351 shares of the financial services provider’s stock worth $365,000 after acquiring an additional 2,860 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Manulife Financial during the 3rd quarter valued at about $119,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

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.