Manulife Financial (NYSE:MFC) Sees Strong Trading Volume – Should You Buy?

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) saw unusually-high trading volume on Tuesday . Approximately 9,722,604 shares were traded during trading, an increase of 344% from the previous session’s volume of 2,191,754 shares.The stock last traded at $31.94 and had previously closed at $32.07.

Wall Street Analyst Weigh In

Several brokerages have commented on MFC. Royal Bank of Canada raised their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Manulife Financial presently has an average rating of “Buy” and a consensus target price of $45.50.

Manulife Financial Trading Down 0.6%

The company has a 50-day moving average price of $30.13 and a 200 day moving average price of $30.56. The stock has a market capitalization of $54.59 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 1.11 and a beta of 1.00.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). The business had revenue of $1.49 billion for the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. During the same period last year, the firm posted $0.94 EPS. As a group, research analysts expect that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st will be issued a $0.3194 dividend. This represents a $1.28 annualized dividend and a yield of 4.01%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, May 21st. Manulife Financial’s payout ratio is presently 63.87%.

Hedge Funds Weigh In On Manulife Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Crews Bank & Trust purchased a new stake in Manulife Financial during the fourth quarter worth approximately $26,000. Lee Danner & Bass Inc. purchased a new stake in Manulife Financial in the 4th quarter valued at approximately $31,000. Stonebridge Financial Group LLC acquired a new position in Manulife Financial during the fourth quarter worth $34,000. Golden State Wealth Management LLC purchased a new position in shares of Manulife Financial in the 4th quarter valued at about $35,000. Finally, Lazard Asset Management LLC acquired a new stake in shares of Manulife Financial during the 4th quarter valued at approximately $35,000. 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.