Manulife Financial (NYSE:MFC) Sees Strong Trading Volume – Still a Buy?

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) shares saw unusually-high trading volume on Thursday . Approximately 11,500,112 shares traded hands during trading, an increase of 415% from the previous session’s volume of 2,231,623 shares.The stock last traded at $42.43 and had previously closed at $43.42.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MFC. Royal Bank Of Canada increased their target price on Manulife Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Weiss Ratings upgraded Manulife Financial from a “buy (a-)” rating to a “buy (a)” rating in a report on Wednesday. Zacks Research lowered Manulife Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. BMO Capital Markets restated an “outperform” rating on shares of Manulife Financial in a research note on Friday, August 7th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Manulife Financial currently has an average rating of “Buy” and a consensus price target of $59.00.

Manulife Financial Stock Up 0.2%

The stock has a market cap of $70.70 billion, a price-to-earnings ratio of 15.87 and a beta of 0.84. The firm’s 50 day moving average is $42.48 and its two-hundred day moving average is $38.90.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The firm had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter last year, the company posted $0.95 earnings per share. Manulife Financial’s revenue was up 7.3% on a year-over-year basis. On average, analysts anticipate that Manulife Financial Corp will post 3.03 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, August 21st will be issued a $0.485 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $1.94 annualized dividend and a dividend yield of 4.6%. Manulife Financial’s dividend payout ratio (DPR) is 53.36%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MFC. UBS Group AG increased its stake in shares of Manulife Financial by 10.0% in the fourth quarter. UBS Group AG now owns 4,016,230 shares of the financial services provider’s stock valued at $145,709,000 after purchasing an additional 363,963 shares during the period. Generali Asset Management SPA SGR boosted its position in shares of Manulife Financial by 1,092.1% during the fourth quarter. Generali Asset Management SPA SGR now owns 51,632 shares of the financial services provider’s stock worth $1,873,000 after buying an additional 47,301 shares during the period. Canerector Inc. boosted its position in shares of Manulife Financial by 27.0% during the first quarter. Canerector Inc. now owns 800,000 shares of the financial services provider’s stock worth $28,000 after buying an additional 170,000 shares during the period. Swiss National Bank boosted its position in shares of Manulife Financial by 25.7% during the first quarter. Swiss National Bank now owns 5,645,600 shares of the financial services provider’s stock worth $194,191,000 after buying an additional 1,154,200 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Manulife Financial by 183.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider’s stock worth $402,969,000 after buying an additional 7,577,711 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

About Manulife Financial

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.