Manulife Financial Corp (NYSE:MFC) Stock Short Interest Report for September

Key Points

• Short interest surged 55.8% to 12.0 million Manulife shares as of September 30, representing about 0.7% of shares outstanding and an 8.4-day days-to-cover ratio.
• Analysts maintained a generally positive outlook, with the stock carrying a consensus “Buy” rating and an average price target of $58.75; RBC raised its target to $67.
• Manulife reported quarterly EPS of $0.79, narrowly beating estimates, while institutional ownership stood at 52.56%. The company also paid a quarterly dividend of C$0.48, equating to a 4.4% annualized yield.

Manulife Financial Corp (NYSE:MFC - Get Free Report) TSE: MFC was the recipient of a large growth in short interest in September. As of September 30th, there was short interest totaling 12,021,942 shares, a growth of 55.8% from the September 15th total of 7,716,304 shares. Approximately 0.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,432,895 shares, the days-to-cover ratio is presently 8.4 days.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Zacks Research upgraded Manulife Financial from a "strong sell" rating to a "hold" rating in a research report on Wednesday, September 2nd. BMO Capital Markets restated an "outperform" rating on shares of Manulife Financial in a research report on Friday, August 7th. TD Securities restated a "buy" rating on shares of Manulife Financial in a research report on Thursday, August 6th. Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a report on Friday, August 7th. Finally, Royal Bank Of Canada lifted their target price on Manulife Financial from $55.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $58.75.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Financial & Tax Architects LLC boosted its holdings in Manulife Financial by 14.7% during the 3rd quarter. Financial & Tax Architects LLC now owns 16,366 shares of the financial services provider's stock valued at $697,000 after acquiring an additional 2,103 shares during the period. Triasima Portfolio Management inc. increased its stake in Manulife Financial by 101.8% in the third quarter. Triasima Portfolio Management inc. now owns 373,076 shares of the financial services provider's stock worth $15,935,000 after purchasing an additional 188,218 shares during the period. Mather Group LLC. increased its stake in Manulife Financial by 18.9% in the third quarter. Mather Group LLC. now owns 1,627 shares of the financial services provider's stock worth $69,000 after purchasing an additional 259 shares during the period. Triumph Capital Management increased its stake in Manulife Financial by 41.0% in the third quarter. Triumph Capital Management now owns 2,471 shares of the financial services provider's stock worth $105,000 after purchasing an additional 718 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its position in shares of Manulife Financial by 40.6% during the third quarter. B. Riley Wealth Advisors Inc. now owns 7,096 shares of the financial services provider's stock worth $302,000 after purchasing an additional 2,050 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

Manulife Financial Price Performance

Shares of MFC traded up $0.21 during midday trading on Friday, hitting $44.08. The stock had a trading volume of 534,210 shares, compared to its average volume of 2,168,755. Manulife Financial has a 1 year low of $31.55 and a 1 year high of $45.33. The firm has a market cap of $73.13 billion, a PE ratio of 16.45 and a beta of 0.84. The stock's 50 day moving average is $43.41 and its 200 day moving average is $41.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.01. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $7.28 billion. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The business's revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the business earned $0.95 EPS. As a group, equities research analysts expect that Manulife Financial will post 2.97 earnings per share for the current fiscal year.

Manulife Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Shareholders of record on Friday, August 21st were paid a C$0.48 dividend. The ex-dividend date of this dividend was Friday, August 21st. This represents a $1.94 annualized dividend and a yield of 4.4%. Manulife Financial's dividend payout ratio (DPR) is presently 51.49%.

Manulife Financial Company Profile

Manulife Financial Corporation is a Canadian financial services company that provides insurance, wealth and asset management, retirement solutions and employee benefits. Its offerings include life and health insurance, annuities, group benefits, mutual funds, pension products and investment management services for individuals, businesses and institutional clients.

Founded in 1887 as The Manufacturers Life Insurance Company, Manulife has grown into an international organization serving customers primarily in Canada, the United States and Asia.

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