Manulife Financial Co. (NYSE:MFC) Short Interest Down 41.9% in May

Manulife Financial Co. (NYSE:MFC - Get Free Report) TSE: MFC was the target of a significant drop in short interest in the month of May. As of May 31st, there was short interest totalling 34,510,000 shares, a drop of 41.9% from the May 15th total of 59,360,000 shares. Based on an average daily volume of 2,280,000 shares, the days-to-cover ratio is currently 15.1 days. Approximately 2.0% of the company's stock are short sold.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MFC. Morgan Stanley set a $46.00 price target on shares of Manulife Financial in a research report on Monday, May 19th. Royal Bank of Canada lifted their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a report on Friday, February 21st. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Manulife Financial presently has a consensus rating of "Buy" and a consensus price target of $45.67.

Institutional Trading of Manulife Financial

A number of institutional investors and hedge funds have recently modified their holdings of the business. Dorsey & Whitney Trust CO LLC bought a new position in Manulife Financial in the 4th quarter valued at $330,000. Geode Capital Management LLC grew its position in Manulife Financial by 28.7% during the fourth quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock valued at $333,291,000 after buying an additional 2,377,338 shares during the period. Prudential Financial Inc. increased its holdings in Manulife Financial by 60.4% during the fourth quarter. Prudential Financial Inc. now owns 36,200 shares of the financial services provider's stock worth $1,112,000 after buying an additional 13,638 shares during the last quarter. Bank of New York Mellon Corp raised its position in Manulife Financial by 4.7% in the fourth quarter. Bank of New York Mellon Corp now owns 1,809,774 shares of the financial services provider's stock worth $55,578,000 after acquiring an additional 81,799 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Manulife Financial in the fourth quarter valued at about $16,213,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Stock Up 0.0%

NYSE:MFC traded up $0.01 during trading hours on Monday, hitting $31.19. 3,123,348 shares of the company traded hands, compared to its average volume of 2,142,059. The company has a market cap of $53.43 billion, a PE ratio of 15.07, a PEG ratio of 1.11 and a beta of 1.01. The firm's 50-day simple moving average is $30.73 and its 200-day simple moving average is $30.52. Manulife Financial has a one year low of $23.30 and a one year high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share for the quarter, missing analysts' consensus estimates of $0.70 by ($0.01). Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The firm had revenue of $1.49 billion for the quarter. During the same quarter in the prior 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st will be issued a $0.3194 dividend. The ex-dividend date is Wednesday, May 21st. This is a positive change from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 4.10%. Manulife Financial's dividend payout ratio is currently 66.49%.

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.