Bucking the down market: Manulife Financial Corp.

by Josh Manulife Financial Corp (NYSE:MFC) is bucking the weak tape today as are many life insurers. Manulife Financial Corp. (NYSE:MFC) traded at a new 52 week high this morning, hitting $16.46 a share before pulling back during the lunch hour and now trading up, currently at $16.35 shortly after 1 p.m. EST.

Today’s price action puts MFC above the May-June consolidation, roughly $15.25 – $16.25 per share. Should MFC continue higher, expect support around the top of the previous range around $16.25. Volume is confirming today’s move as well, volume has already surpassed the daily average with 2,394,000 shares traded putting MFC on track for about double the average volume. Average daily volume has been at 1,865,894.

52 Week Range $9.99-$16.31 Market Cap 29,894,525,246 Average Volume 1,865,894 Dividend Yield 3.22% Institutional Ownership 54.10% Insider Ownership: 0.00% Percentage of Float Short 0.50% Beta 2.17

Manulife Financial Corporation together with its subsidiaries, provides financial protection and wealth management products and services to individuals and group customers primarily in Asia, Canada, and the United States.

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