Short Interest in Manulife Financial Corp (NYSE:MFC) Declines By 47.8%

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) was the recipient of a significant decrease in short interest in June. As of June 15th, there was short interest totaling 12,989,766 shares, a decrease of 47.8% from the May 31st total of 24,904,565 shares. Based on an average daily trading volume, of 2,017,294 shares, the days-to-cover ratio is currently 6.4 days. Currently, 0.8% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Basepoint Wealth LLC bought a new position in shares of Manulife Financial in the 4th quarter valued at about $25,000. Hantz Financial Services Inc. bought a new stake in Manulife Financial in the fourth quarter worth $28,000. Sfam LLC purchased a new position in Manulife Financial during the fourth quarter worth $28,000. Heritage Wealth Advisors purchased a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $30,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in Manulife Financial in the 1st quarter valued at $29,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Stock Up 1.1%

NYSE:MFC traded up $0.44 on Thursday, hitting $41.16. The stock had a trading volume of 1,579,830 shares, compared to its average volume of 2,295,550. Manulife Financial has a 52-week low of $29.70 and a 52-week high of $41.43. The stock has a market cap of $68.56 billion, a price-to-earnings ratio of 16.33 and a beta of 0.84. The business’s 50-day simple moving average is $39.24 and its two-hundred day simple moving average is $37.26.

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

Manulife Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, May 29th were issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 4.7%. The ex-dividend date was Friday, May 29th. Manulife Financial’s dividend payout ratio (DPR) is currently 56.35%.

Wall Street Analysts Forecast Growth

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

Manulife Financial Company Profile

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.