Short Interest in Manulife Financial Co. (NYSE:MFC) Decreases By 33.5%

Manulife Financial Co. (NYSE:MFC - Get Free Report) TSE: MFC was the recipient of a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 7,520,000 shares, a decrease of 33.5% from the March 15th total of 11,310,000 shares. Based on an average trading volume of 3,310,000 shares, the days-to-cover ratio is presently 2.3 days. Currently, 0.4% of the company's stock are sold short.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. BMO Capital Markets upgraded shares of Manulife Financial from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $31.00 to $35.00 in a research note on Thursday, February 15th. Jefferies Financial Group assumed coverage on shares of Manulife Financial in a research note on Thursday, February 22nd. They set a "buy" rating on the stock. Desjardins upgraded shares of Manulife Financial from a "hold" rating to a "buy" rating in a research note on Thursday, February 15th. Finally, TheStreet upgraded shares of Manulife Financial from a "c+" rating to a "b" rating in a research note on Thursday, December 21st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $33.33.

Manulife Financial Price Performance

Shares of MFC stock traded down $0.53 during trading hours on Friday, reaching $23.19. The stock had a trading volume of 2,670,472 shares, compared to its average volume of 3,368,100. Manulife Financial has a twelve month low of $17.07 and a twelve month high of $25.14. The firm has a 50-day simple moving average of $23.93 and a 200-day simple moving average of $21.26. The firm has a market capitalization of $41.76 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 0.89 and a beta of 1.08.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.05. The business had revenue of $10.96 billion for the quarter, compared to analysts' expectations of $7.57 billion. Manulife Financial had a net margin of 10.42% and a return on equity of 15.98%. On average, equities analysts anticipate that Manulife Financial will post 2.71 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Wednesday, February 28th were paid a dividend of $0.298 per share. This is a boost from Manulife Financial's previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, February 27th. This represents a $1.19 annualized dividend and a yield of 5.14%. Manulife Financial's dividend payout ratio (DPR) is presently 61.66%.

Hedge Funds Weigh In On Manulife Financial

Large investors have recently bought and sold shares of the stock. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in Manulife Financial during the 3rd quarter valued at about $27,000. Anchor Investment Management LLC bought a new position in shares of Manulife Financial during the 4th quarter valued at about $27,000. Fortis Group Advisors LLC boosted its position in shares of Manulife Financial by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 605 shares in the last quarter. Sanctuary Wealth Management L.L.C. bought a new position in shares of Manulife Financial during the 4th quarter valued at about $27,000. Finally, Trust Co. of Vermont boosted its position in shares of Manulife Financial by 478.5% during the 3rd quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 1,268 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company's stock.

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.

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