Manulife Financial Corp (NYSE:MFC) Short Interest Update

Key Points

• Manulife Financial Corp's short interest decreased by 41.4% in August, with total short interest of 13,880,000 shares as of August 31st.
• The company announced an increase in its quarterly dividend to $0.3199, representing a 4.0% annualized yield.
• Analysts have set an average price target of $48.50 for Manulife Financial's stock, with an overall rating of "Buy."

Manulife Financial Corp (NYSE:MFC - Get Free Report) TSE: MFC was the recipient of a large decrease in short interest in the month of August. As of August 31st, there was short interest totaling 13,880,000 shares, a decrease of 41.4% from the August 15th total of 23,700,000 shares. Approximately 0.8% of the company's stock are short sold. Based on an average daily trading volume, of 2,240,000 shares, the days-to-cover ratio is presently 6.2 days. Based on an average daily trading volume, of 2,240,000 shares, the days-to-cover ratio is presently 6.2 days. Approximately 0.8% of the company's stock are short sold.

Analyst Ratings Changes

MFC has been the topic of a number of recent research reports. Morgan Stanley set a $48.00 target price on shares of Manulife Financial in a research report on Monday, August 18th. Royal Bank Of Canada cut their price objective on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $48.50.

Hedge Funds Weigh In On Manulife Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealth Alliance LLC raised its stake in Manulife Financial by 1.7% during the 2nd quarter. Wealth Alliance LLC now owns 20,984 shares of the financial services provider's stock worth $671,000 after acquiring an additional 345 shares during the period. JCIC Asset Management Inc. raised its stake in Manulife Financial by 5.6% during the 1st quarter. JCIC Asset Management Inc. now owns 6,749 shares of the financial services provider's stock worth $210,000 after acquiring an additional 360 shares during the period. Blair William & Co. IL raised its stake in Manulife Financial by 1.9% during the 1st quarter. Blair William & Co. IL now owns 19,878 shares of the financial services provider's stock worth $619,000 after acquiring an additional 377 shares during the period. Sachetta LLC raised its stake in Manulife Financial by 15.2% during the 2nd quarter. Sachetta LLC now owns 3,005 shares of the financial services provider's stock worth $96,000 after acquiring an additional 396 shares during the period. Finally, Apollon Wealth Management LLC raised its stake in Manulife Financial by 2.2% during the 2nd quarter. Apollon Wealth Management LLC now owns 19,059 shares of the financial services provider's stock worth $609,000 after acquiring an additional 402 shares during the period. Institutional investors own 52.56% of the company's stock.

Manulife Financial Price Performance

MFC stock traded up $0.36 during trading on Thursday, hitting $31.39. 1,232,493 shares of the stock traded hands, compared to its average volume of 1,788,584. The stock has a market cap of $53.19 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 1.04 and a beta of 0.99. The firm's 50 day moving average is $30.76 and its two-hundred day moving average is $30.65. Manulife Financial has a 1 year low of $25.92 and a 1 year high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.02). The company had revenue of $11.30 billion for the quarter. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. During the same quarter in the prior year, the company earned $0.91 EPS. As a group, analysts anticipate that Manulife Financial will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th will be paid a dividend of $0.3199 per share. The ex-dividend date is Wednesday, August 20th. This represents a $1.28 annualized dividend and a yield of 4.1%. This is an increase from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio (DPR) is currently 56.70%.

About Manulife Financial

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.