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

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) saw an uptick in trading volume on Monday . 5,672,557 shares were traded during mid-day trading, an increase of 75% from the previous session’s volume of 3,233,373 shares.The stock last traded at $26.62 and had previously closed at $26.69.

Analyst Ratings Changes

Several analysts recently commented on the stock. BMO Capital Markets upgraded shares of Manulife Financial from a “market perform” rating to an “outperform” rating and upped their price target for the company from $31.00 to $35.00 in a research report on Thursday, February 15th. Desjardins raised shares of Manulife Financial from a “hold” rating to a “buy” rating in a report on Thursday, February 15th. Jefferies Financial Group initiated coverage on shares of Manulife Financial in a research report on Thursday, February 22nd. They issued a “buy” rating for the company. Finally, National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $33.33.

Manulife Financial Trading Down 0.3 %

The company has a market capitalization of $47.19 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 0.97 and a beta of 1.08. The stock has a 50-day simple moving average of $24.36 and a 200-day simple moving average of $22.53.

Manulife Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.16 annualized dividend and a yield of 4.41%. Manulife Financial’s payout ratio is 69.19%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Anchor Investment Management LLC bought a new position in shares of Manulife Financial in the fourth quarter valued at approximately $27,000. Fortis Group Advisors LLC raised its holdings in Manulife Financial by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 605 shares in the last quarter. Trust Co. of Vermont boosted its stake in Manulife Financial by 478.5% during the 3rd quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 1,268 shares in the last quarter. Bruce G. Allen Investments LLC increased its position 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. Finally, Accordant Advisory Group Inc acquired a new position in shares of Manulife Financial during the 1st quarter valued at $30,000. 52.56% of the stock is owned by institutional investors and hedge funds.

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.