Manulife Financial (NYSE:MFC) Trading 7.8% Higher on Strong Earnings

Manulife Financial Co. (NYSE:MFC) (TSE:MFC)’s stock price rose 7.8% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $32.05 and last traded at $32.10. Approximately 687,765 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 1,933,674 shares. The stock had previously closed at $29.78.

The financial services provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.67 by $0.07. The company had revenue of $9.31 billion during the quarter. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%.

Institutional Trading of Manulife Financial

Several institutional investors and hedge funds have recently made changes to their positions in MFC. Crews Bank & Trust bought a new position in Manulife Financial in the fourth quarter valued at $26,000. Brooklyn Investment Group bought a new stake in Manulife Financial during the third quarter worth about $26,000. Capital Performance Advisors LLP purchased a new position in shares of Manulife Financial in the 3rd quarter worth about $30,000. Lee Danner & Bass Inc. bought a new position in shares of Manulife Financial during the 4th quarter valued at about $31,000. Finally, Fortitude Family Office LLC purchased a new position in shares of Manulife Financial during the 3rd quarter valued at about $31,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Performance

The company has a market cap of $55.41 billion, a P/E ratio of 15.50, a P/E/G ratio of 1.04 and a beta of 1.09. The stock has a 50-day moving average of $30.31 and a two-hundred day moving average of $29.70.

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.