Manulife Financial (NYSE:MFC) Sees Large Volume Increase – Here’s Why

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) shares saw unusually-strong trading volume on Tuesday . Approximately 9,722,604 shares changed hands during trading, an increase of 344% from the previous session’s volume of 2,191,754 shares.The stock last traded at $31.94 and had previously closed at $32.07.

Analysts Set New Price Targets

Several research firms have issued reports on MFC. Royal Bank of Canada boosted their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Manulife Financial presently has a consensus rating of “Buy” and a consensus price target of $45.50.

Manulife Financial Price Performance

The company has a market capitalization of $54.59 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 1.11 and a beta of 1.00. The company has a fifty day simple moving average of $30.13 and a two-hundred day simple moving average of $30.56.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The firm had revenue of $1.49 billion for the quarter. During the same quarter in the previous year, the company posted $0.94 EPS. Equities analysts anticipate that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Wednesday, May 21st will be paid a dividend of $0.3194 per share. The ex-dividend date is Wednesday, May 21st. This is a boost from Manulife Financial’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.01%. Manulife Financial’s payout ratio is 63.87%.

Hedge Funds Weigh In On Manulife Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Crews Bank & Trust acquired a new stake in shares of Manulife Financial in the 4th quarter valued at approximately $26,000. Lee Danner & Bass Inc. bought a new stake in shares of Manulife Financial during the fourth quarter worth approximately $31,000. Stonebridge Financial Group LLC acquired a new position in Manulife Financial in the 4th quarter valued at $34,000. Golden State Wealth Management LLC acquired a new position in shares of Manulife Financial in the fourth quarter valued at about $35,000. Finally, Lazard Asset Management LLC acquired a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $35,000. 52.56% of the stock is owned by institutional investors and hedge funds.

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.