Manulife Financial (NYSE:MFC) Sees Unusually-High Trading Volume - Time to Buy?

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 saw strong 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.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MFC. Morgan Stanley set a $48.00 price target on shares of Manulife Financial in a research note on Monday. Royal Bank Of Canada dropped 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 note on Friday, August 8th. 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.50.

Manulife Financial Stock Performance

The business's 50 day moving average price is $30.99 and its two-hundred day moving average price is $30.55. The company has a market capitalization of $51.66 billion, a price-to-earnings ratio of 13.58, a price-to-earnings-growth ratio of 1.03 and a beta of 1.01.

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

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, August 20th will be issued a dividend of $0.3199 per share. This is an increase from Manulife Financial's previous quarterly dividend of $0.32. This represents a $1.28 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Wednesday, August 20th. Manulife Financial's dividend payout ratio is presently 56.70%.

Institutional Trading of Manulife Financial

A number of hedge funds have recently modified their holdings of MFC. Geneos Wealth Management Inc. increased its holdings in Manulife Financial by 13.4% in the 2nd quarter. Geneos Wealth Management Inc. now owns 8,853 shares of the financial services provider's stock valued at $283,000 after buying an additional 1,045 shares during the period. Goodman Advisory Group LLC bought a new stake in Manulife Financial during the 2nd quarter valued at $39,000. Public Sector Pension Investment Board grew its stake in shares of Manulife Financial by 660.9% in the 2nd quarter. Public Sector Pension Investment Board now owns 1,265,746 shares of the financial services provider's stock worth $40,389,000 after acquiring an additional 1,099,400 shares in the last quarter. FORA Capital LLC purchased a new stake in Manulife Financial during the second quarter valued at about $386,000. Finally, Evergreen Capital Management LLC lifted its holdings in Manulife Financial by 2.5% during the second quarter. Evergreen Capital Management LLC now owns 25,422 shares of the financial services provider's stock valued at $812,000 after purchasing an additional 614 shares during the last quarter. Institutional investors and hedge funds own 52.56% of the company's stock.

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.

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