Manulife Financial (NYSE:MFC) Sees Strong Trading Volume - Here's Why

Key Points

• Manulife Financial experienced a significant trading volume increase of 192%, with 6,832,684 shares changing hands, as its stock price fluctuated between $30.48 and $30.64.
• Analysts have a "Moderate Buy" consensus rating for Manulife Financial, with a revised price target range from $48.00 to $49.00.
• The company recently raised its quarterly dividend to $0.3199 per share, representing an annual yield of 4.2%.

Manulife Financial Corp (NYSE:MFC - Get Free Report) TSE: MFC shares saw an uptick in trading volume on Tuesday . 6,832,684 shares changed hands during trading, an increase of 192% from the previous session's volume of 2,340,630 shares.The stock last traded at $30.48 and had previously closed at $30.64.

Analyst Ratings Changes

Several research firms recently commented on MFC. Royal Bank Of Canada lowered their target price on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Morgan Stanley set a $48.00 price objective on shares of Manulife Financial in a research report on Monday, August 18th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $48.50.

Manulife Financial Stock Performance

The stock's 50-day simple moving average is $30.87 and its 200 day simple moving average is $30.57. The company has a market capitalization of $52.19 billion, a PE ratio of 13.72, a P/E/G ratio of 1.03 and a beta of 1.01.

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 EPS for the quarter, missing analysts' consensus estimates of $0.71 by ($0.02). The company had revenue of $11.30 billion during the quarter. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. During the same quarter last year, the business earned $0.91 earnings per share. On average, analysts expect that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, August 20th will be given a $0.3199 dividend. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.2%. Manulife Financial's payout ratio is 56.70%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Manulife Financial by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 76,336,875 shares of the financial services provider's stock valued at $2,440,795,000 after buying an additional 2,003,226 shares during the last quarter. TD Asset Management Inc boosted its stake in Manulife Financial by 6.6% during the 1st quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider's stock worth $1,155,639,000 after purchasing an additional 2,289,205 shares during the period. 1832 Asset Management L.P. boosted its stake in Manulife Financial by 3.0% during the 2nd quarter. 1832 Asset Management L.P. now owns 25,155,652 shares of the financial services provider's stock worth $803,975,000 after purchasing an additional 730,187 shares during the period. Mackenzie Financial Corp boosted its stake in Manulife Financial by 0.9% during the 4th quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider's stock worth $755,367,000 after purchasing an additional 230,105 shares during the period. Finally, Toronto Dominion Bank boosted its stake in Manulife Financial by 4.1% during the 4th quarter. Toronto Dominion Bank now owns 22,812,909 shares of the financial services provider's stock worth $699,948,000 after purchasing an additional 902,466 shares during the period. 52.56% of the stock is owned by hedge funds and other institutional investors.

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.