Manulife Financial (NYSE:MFC) Sees Unusually-High Trading Volume

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) saw unusually-strong trading volume on Tuesday . Approximately 6,391,050 shares changed hands during trading, an increase of 128% from the previous session’s volume of 2,804,319 shares.The stock last traded at $26.01 and had previously closed at $26.31.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. National Bank Financial upgraded shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. TD Securities increased their price objective on shares of Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Finally, Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $35.67.

Manulife Financial Price Performance

The firm has a market cap of $46.91 billion, a PE ratio of 15.24, a P/E/G ratio of 0.94 and a beta of 1.09. The business’s fifty day moving average is $25.99 and its 200-day moving average is $24.97.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.27. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. The company had revenue of $9.41 billion during the quarter, compared to analyst estimates of $8.95 billion. During the same quarter last year, the business posted $0.62 EPS. Analysts forecast that Manulife Financial Co. will post 2.72 EPS for the current year.

Manulife Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $1.16 annualized dividend and a dividend yield of 4.43%. Manulife Financial’s payout ratio is presently 66.86%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Grove Bank & Trust purchased a new position in Manulife Financial in the 2nd quarter valued at approximately $25,000. Fortis Group Advisors LLC grew its position in shares of Manulife Financial by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 605 shares in the last quarter. Bruce G. Allen Investments LLC raised its stake in shares of Manulife Financial by 73.6% during the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 490 shares during the period. Addison Advisors LLC raised its stake in shares of Manulife Financial by 77.2% during the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 467 shares during the period. Finally, HHM Wealth Advisors LLC lifted its holdings in Manulife Financial by 119.0% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 600 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Company Profile

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.