Manulife Financial Co. (NYSE:MFC) Short Interest Up 258.6% in February

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) was the recipient of a significant growth in short interest in 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 company’s stock are sold short. Based on an average daily trading volume, of 2,090,000 shares, the days-to-cover ratio is presently 19.2 days.

Analyst Ratings Changes

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

Manulife Financial Trading Up 1.2 %

NYSE:MFC opened at $31.15 on Friday. The stock has a 50 day moving average of $30.35 and a 200-day moving average of $29.99. The firm has a market capitalization of $53.67 billion, a PE ratio of 15.05, a price-to-earnings-growth ratio of 1.11 and a beta of 1.09. Manulife Financial has a 52 week low of $22.61 and a 52 week high of $33.07.

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

Manulife Financial Increases Dividend

The company 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 $0.3094 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 3.97%. Manulife Financial’s dividend payout ratio (DPR) is currently 58.45%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. B. Riley Wealth Advisors Inc. boosted its position in shares of Manulife Financial by 6.7% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 13,168 shares of the financial services provider’s stock worth $404,000 after buying an additional 830 shares during the period. Mackenzie Financial Corp raised its stake in Manulife Financial by 0.9% during the 4th quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider’s stock valued at $755,367,000 after acquiring an additional 230,105 shares in the last quarter. Invst LLC boosted its position in Manulife Financial by 12.2% during the 4th quarter. Invst LLC now owns 22,352 shares of the financial services provider’s stock worth $686,000 after acquiring an additional 2,423 shares during the period. WCG Wealth Advisors LLC grew its stake in shares of Manulife Financial by 4.5% in the fourth quarter. WCG Wealth Advisors LLC now owns 30,903 shares of the financial services provider’s stock worth $949,000 after purchasing an additional 1,332 shares in the last quarter. Finally, Pacific Point Advisors LLC acquired a new position in shares of Manulife Financial during the fourth quarter valued at $335,000. 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.