Manulife Financial Co. (NYSE:MFC – Get Rating) (TSE:MFC) saw a significant increase in short interest in the month of June. As of June 30th, there was short interest totalling 18,540,000 shares, an increase of 54.0% from the June 15th total of 12,040,000 shares. Based on an average trading volume of 4,830,000 shares, the days-to-cover ratio is currently 3.8 days. Currently, 1.0% of the shares of the company are short sold.
Analysts Set New Price Targets
A number of research analysts have weighed in on the company. Desjardins downgraded Manulife Financial from a “buy” rating to a “hold” rating in a report on Friday, May 13th. Royal Bank of Canada lowered their target price on Manulife Financial from C$29.00 to C$26.00 in a report on Friday, May 13th. Scotiabank lowered their target price on Manulife Financial from C$28.00 to C$27.00 in a report on Friday, May 13th. BMO Capital Markets downgraded Manulife Financial from an “outperform” rating to a “market perform” rating in a report on Thursday, May 12th. Finally, Canaccord Genuity Group downgraded Manulife Financial from a “buy” rating to a “hold” rating in a report on Friday, May 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $30.44.
Manulife Financial Stock Up 1.3 %
NYSE MFC traded up $0.21 during trading on Friday, hitting $16.93. 2,300,561 shares of the stock traded hands, compared to its average volume of 4,066,400. The company has a market capitalization of $32.48 billion, a P/E ratio of 4.55, a price-to-earnings-growth ratio of 0.66 and a beta of 1.20. The firm has a 50-day simple moving average of $17.62 and a 200-day simple moving average of $19.50. Manulife Financial has a 12-month low of $16.27 and a 12-month high of $22.19.
Manulife Financial (NYSE:MFC – Get Rating) (TSE:MFC) last released its quarterly earnings results on Wednesday, May 11th. The financial services provider reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.05). The business had revenue of $11.77 billion during the quarter, compared to analyst estimates of $14.82 billion. As a group, research analysts predict that Manulife Financial will post 2.56 EPS for the current fiscal year.
Manulife Financial Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, June 20th. Stockholders of record on Wednesday, May 25th were issued a $0.257 dividend. This represents a $1.03 dividend on an annualized basis and a dividend yield of 6.07%. The ex-dividend date was Tuesday, May 24th. Manulife Financial’s dividend payout ratio (DPR) is 27.69%.
Hedge Funds Weigh In On Manulife Financial
A number of institutional investors and hedge funds have recently modified their holdings of MFC. Prospera Financial Services Inc purchased a new position in shares of Manulife Financial in the 1st quarter worth approximately $26,000. Meeder Asset Management Inc. purchased a new position in shares of Manulife Financial in the 1st quarter worth approximately $27,000. Widmann Financial Services Inc. purchased a new position in shares of Manulife Financial in the 4th quarter worth approximately $33,000. Allegheny Financial Group LTD purchased a new position in shares of Manulife Financial in the 4th quarter worth approximately $34,000. Finally, Addison Advisors LLC purchased a new position in shares of Manulife Financial in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 47.04% of the company’s stock.
About Manulife Financial
Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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 provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.