Manulife Financial Corp (NYSE:MFC) Short Interest Up 66.0% in May

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) was the target of a large increase in short interest during the month of May. As of May 29th, there was short interest totaling 24,904,565 shares, an increase of 66.0% from the May 14th total of 15,001,396 shares. Approximately 1.5% of the company’s shares are sold short. Based on an average daily trading volume, of 3,331,786 shares, the short-interest ratio is currently 7.5 days.

Analysts Set New Price Targets

MFC has been the topic of a number of research reports. TD Securities restated a “buy” rating on shares of Manulife Financial in a report on Thursday, May 14th. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research report on Wednesday, April 29th. Finally, Weiss Ratings raised shares of Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, May 28th. Two investment analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $51.50.

Hedge Funds Weigh In On Manulife Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC purchased a new stake in shares of Manulife Financial during the first quarter worth about $882,000. Rathbones Group PLC grew its stake in Manulife Financial by 0.9% during the 1st quarter. Rathbones Group PLC now owns 107,799 shares of the financial services provider’s stock valued at $3,702,000 after purchasing an additional 949 shares in the last quarter. Parallel Advisors LLC grew its stake in Manulife Financial by 34.8% during the 1st quarter. Parallel Advisors LLC now owns 9,285 shares of the financial services provider’s stock valued at $320,000 after purchasing an additional 2,398 shares in the last quarter. First Nebraska Trust Co purchased a new stake in Manulife Financial during the 1st quarter worth approximately $377,000. Finally, Glenmede Trust Co. NA increased its holdings in Manulife Financial by 2.5% during the 1st quarter. Glenmede Trust Co. NA now owns 18,462 shares of the financial services provider’s stock worth $636,000 after purchasing an additional 450 shares during the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Trading Down 0.9%

Shares of MFC traded down $0.38 during midday trading on Wednesday, reaching $40.74. 555,510 shares of the company were exchanged, compared to its average volume of 2,314,579. Manulife Financial has a 1-year low of $29.70 and a 1-year high of $41.43. The stock has a 50-day moving average price of $38.55 and a 200-day moving average price of $36.85. The company has a market cap of $68.00 billion, a price-to-earnings ratio of 16.22 and a beta of 0.84.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, May 13th. The financial services provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.02). The company had revenue of $8.89 billion for the quarter, compared to analysts’ expectations of $2.32 billion. Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. During the same quarter in the previous year, the business posted $0.99 earnings per share. Equities research analysts anticipate that Manulife Financial will post 3.2 earnings per share for the current year.

Manulife Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, May 29th will be paid a $0.485 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.94 annualized dividend and a dividend yield of 4.8%. Manulife Financial’s dividend payout ratio is 56.35%.

About Manulife Financial

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.