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

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) saw unusually-high trading volume on Monday . Approximately 5,764,791 shares changed hands during trading, an increase of 169% from the previous session’s volume of 2,141,681 shares.The stock last traded at $30.38 and had previously closed at $31.16.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MFC. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada raised their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Manulife Financial presently has a consensus rating of “Buy” and an average price target of $45.50.

Manulife Financial Price Performance

The company has a market cap of $52.75 billion, a P/E ratio of 14.79, a price-to-earnings-growth ratio of 1.11 and a beta of 1.09. The stock has a fifty day moving average price of $30.35 and a two-hundred day moving average price of $30.02.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.07. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. The business had revenue of $9.31 billion for the quarter. Equities analysts predict that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be issued a dividend of $0.3094 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 4.04%. Manulife Financial’s payout ratio is 58.45%.

Institutional Investors Weigh In On Manulife Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baron Wealth Management LLC grew its holdings in shares of Manulife Financial by 2.3% in the third quarter. Baron Wealth Management LLC now owns 14,400 shares of the financial services provider’s stock valued at $426,000 after acquiring an additional 330 shares in the last quarter. Little House Capital LLC grew its stake in Manulife Financial by 1.0% in the 4th quarter. Little House Capital LLC now owns 33,767 shares of the financial services provider’s stock valued at $1,037,000 after purchasing an additional 331 shares during the period. Robertson Stephens Wealth Management LLC increased its position in shares of Manulife Financial by 1.5% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 23,068 shares of the financial services provider’s stock valued at $708,000 after purchasing an additional 339 shares during the last quarter. Erste Asset Management GmbH raised its stake in shares of Manulife Financial by 0.6% during the 4th quarter. Erste Asset Management GmbH now owns 69,300 shares of the financial services provider’s stock worth $2,133,000 after purchasing an additional 400 shares during the period. Finally, TIAA Trust National Association boosted its holdings in shares of Manulife Financial by 5.0% in the 4th quarter. TIAA Trust National Association now owns 8,419 shares of the financial services provider’s stock worth $259,000 after buying an additional 404 shares during the last quarter. Hedge funds and other 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.