Manulife Financial Co. (NYSE:MFC) Short Interest Up 341.7% in May

Manulife Financial Co. (NYSE:MFC - Get Free Report) TSE: MFC was the recipient of a significant growth in short interest in May. As of May 15th, there was short interest totalling 59,360,000 shares, a growth of 341.7% from the April 30th total of 13,440,000 shares. Based on an average trading volume of 2,630,000 shares, the days-to-cover ratio is presently 22.6 days. Approximately 3.5% of the shares of the company are sold short.

Institutional Investors Weigh In On Manulife Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Geneos Wealth Management Inc. increased its position in Manulife Financial by 908.8% during the first quarter. Geneos Wealth Management Inc. now owns 7,808 shares of the financial services provider's stock worth $243,000 after acquiring an additional 7,034 shares during the period. Intech Investment Management LLC increased its holdings in shares of Manulife Financial by 86.0% during the first quarter. Intech Investment Management LLC now owns 203,628 shares of the financial services provider's stock worth $6,344,000 after purchasing an additional 94,177 shares during the period. Plato Investment Management Ltd raised its position in shares of Manulife Financial by 36.7% in the first quarter. Plato Investment Management Ltd now owns 17,260 shares of the financial services provider's stock valued at $544,000 after buying an additional 4,637 shares in the last quarter. Empowered Funds LLC raised its position in shares of Manulife Financial by 18.7% in the first quarter. Empowered Funds LLC now owns 56,418 shares of the financial services provider's stock valued at $1,757,000 after buying an additional 8,900 shares in the last quarter. Finally, Ascent Group LLC bought a new stake in shares of Manulife Financial in the first quarter valued at approximately $272,000. Institutional investors and hedge funds own 52.56% of the company's stock.

Analysts Set New Price Targets

MFC has been the topic of several recent analyst reports. Morgan Stanley set a $46.00 price objective on shares of Manulife Financial in a research note on Monday, May 19th. Royal Bank of Canada lifted their price target on Manulife Financial from $49.00 to $51.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Finally, Scotiabank restated 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, three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $45.67.

Manulife Financial Stock Up 0.3%

Shares of NYSE MFC traded up $0.10 during mid-day trading on Friday, reaching $31.84. 1,803,071 shares of the company were exchanged, compared to its average volume of 2,135,600. The stock has a market capitalization of $54.53 billion, a P/E ratio of 15.38, a P/E/G ratio of 1.11 and a beta of 1.00. Manulife Financial has a twelve month low of $23.30 and a twelve month high of $33.07. The company's 50-day simple moving average is $30.35 and its 200-day simple moving average is $30.55.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results 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 firm had revenue of $1.49 billion during the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. During the same quarter last year, the firm earned $0.94 earnings per share. As a group, equities research analysts expect that Manulife Financial will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st will be given a dividend of $0.3194 per share. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. The ex-dividend date is Wednesday, May 21st. This represents a $1.28 annualized dividend and a yield of 4.01%. Manulife Financial's dividend payout ratio (DPR) is presently 63.87%.

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.