Short Interest in Manulife Financial Corp (NYSE:MFC) Decreases By 53.5%

Key Points

• Short interest in Manulife Financial Corp decreased by 53.5%, dropping from 13,880,000 shares in August to 6,450,000 shares in September.
• Manulife Financial's dividend was recently increased to $0.3199 per share, representing an annualized yield of 4.0%.
• Shares of Manulife Financial traded up 1.7%, with the stock reaching $31.94 during mid-day trading, reflecting a market cap of $54.13 billion.

Manulife Financial Corp (NYSE:MFC - Get Free Report) TSE: MFC was the recipient of a significant decrease in short interest in the month of September. As of September 15th, there was short interest totaling 6,450,000 shares, a decrease of 53.5% from the August 31st total of 13,880,000 shares. Based on an average daily trading volume, of 2,180,000 shares, the days-to-cover ratio is currently 3.0 days. Currently, 0.4% of the company's shares are short sold. Currently, 0.4% of the company's shares are short sold. Based on an average daily trading volume, of 2,180,000 shares, the days-to-cover ratio is currently 3.0 days.

Manulife Financial Trading Up 1.7%

Shares of MFC traded up $0.53 during mid-day trading on Friday, reaching $31.94. The company's stock had a trading volume of 1,327,857 shares, compared to its average volume of 1,731,974. The stock has a market cap of $54.13 billion, a P/E ratio of 14.26, a PEG ratio of 1.05 and a beta of 0.98. The business has a 50-day simple moving average of $30.86 and a two-hundred day simple moving average of $30.80. 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 announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The company had revenue of $11.30 billion during the quarter. During the same period in the previous year, the company earned $0.91 earnings per share. Research analysts anticipate that Manulife Financial will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Wednesday, August 20th were given a dividend of $0.3199 per share. The ex-dividend date was Wednesday, August 20th. This represents a $1.28 dividend on an annualized basis and a yield of 4.0%. This is an increase from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio is presently 56.70%.

Analyst Ratings Changes

MFC has been the topic of several analyst reports. Morgan Stanley set a $48.00 target price on Manulife Financial in a research note on Monday, August 18th. Royal Bank Of Canada lowered their price target on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Finally, Weiss Ratings reiterated a "buy (a-)" rating on shares of Manulife Financial in a report on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to MarketBeat.com, Manulife Financial presently has a consensus rating of "Buy" and an average price target of $48.50.

Institutional Investors Weigh In On Manulife Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wealth Alliance LLC grew its position 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 last quarter. JCIC Asset Management Inc. grew its holdings in shares of Manulife Financial by 5.6% in the first quarter. JCIC Asset Management Inc. now owns 6,749 shares of the financial services provider's stock valued at $210,000 after acquiring an additional 360 shares in the last quarter. Blair William & Co. IL grew its holdings in shares of Manulife Financial by 1.9% in the first quarter. Blair William & Co. IL now owns 19,878 shares of the financial services provider's stock valued at $619,000 after acquiring an additional 377 shares in the last quarter. Sachetta LLC grew its holdings in Manulife Financial by 15.2% during the second quarter. Sachetta LLC now owns 3,005 shares of the financial services provider's stock valued at $96,000 after purchasing an additional 396 shares during the period. Finally, Apollon Wealth Management LLC boosted its holdings in shares of Manulife Financial by 2.2% in the second 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.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.