Manulife Financial (NYSE:MFC) Sees Strong Trading Volume – Time to Buy?

Shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) saw unusually-high trading volume on Tuesday . Approximately 9,384,223 shares traded hands during trading, an increase of 330% from the previous session’s volume of 2,182,016 shares.The stock last traded at $35.2550 and had previously closed at $34.87.

Analyst Upgrades and Downgrades

MFC has been the subject of several research reports. Morgan Stanley set a $47.00 price target on Manulife Financial in a report on Tuesday, October 7th. BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a report on Friday, November 14th. Royal Bank Of Canada raised their target price on shares of Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, November 14th. Weiss Ratings reiterated a “buy (b)” rating on shares of Manulife Financial in a research report on Monday. Finally, UBS Group began coverage on Manulife Financial in a research note on Thursday, October 16th. They issued a “buy” rating for the company. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Manulife Financial currently has a consensus rating of “Buy” and a consensus target price of $49.50.

Manulife Financial Stock Performance

The firm has a market cap of $59.39 billion, a PE ratio of 15.73, a P/E/G ratio of 1.13 and a beta of 0.98. The company has a 50 day simple moving average of $32.44 and a two-hundred day simple moving average of $31.58.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, November 12th. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The company had revenue of $12.90 billion for the quarter. During the same quarter in the prior year, the business posted $1.00 EPS. As a group, research analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Wednesday, November 26th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Wednesday, November 26th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.0%. Manulife Financial’s payout ratio is currently 55.56%.

Institutional Trading of Manulife Financial

Institutional investors have recently made changes to their positions in the company. Root Financial Partners LLC acquired a new stake in Manulife Financial during the 3rd quarter worth $25,000. Caldwell Trust Co purchased a new position in Manulife Financial in the 2nd quarter worth approximately $27,000. Eastern Bank grew its position in shares of Manulife Financial by 156.1% in the second quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 590 shares in the last quarter. American Wealth Advisors LLC acquired a new stake in shares of Manulife Financial in the third quarter valued at approximately $36,000. Finally, Winnow Wealth LLC purchased a new position in Manulife Financial during the second quarter worth approximately $38,000. 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.