9,813 Shares in Manulife Financial Co. (NYSE:MFC) Acquired by Cumberland Partners Ltd

Cumberland Partners Ltd bought a new stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) during the third quarter, Holdings Channel reports. The institutional investor bought 9,813 shares of the financial services provider’s stock, valued at approximately $290,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. West Financial Advisors LLC bought a new stake in shares of Manulife Financial during the third quarter valued at approximately $26,000. Grove Bank & Trust bought a new stake in Manulife Financial during the 2nd quarter valued at $25,000. Capital Performance Advisors LLP acquired a new position in Manulife Financial during the third quarter worth $30,000. Fortitude Family Office LLC acquired a new position in shares of Manulife Financial during the third quarter valued at about $31,000. Finally, Addison Advisors LLC raised its holdings in shares of Manulife Financial by 77.2% in the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 467 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MFC shares. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Barclays assumed coverage on Manulife Financial in a research report on Thursday, September 5th. They set an “equal weight” rating for the company. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $37.50.

Manulife Financial Stock Performance

Shares of MFC opened at $32.54 on Wednesday. The firm has a market cap of $57.24 billion, a P/E ratio of 15.72, a price-to-earnings-growth ratio of 1.18 and a beta of 1.08. Manulife Financial Co. has a fifty-two week low of $18.56 and a fifty-two week high of $32.94. The business has a 50-day moving average of $29.49 and a 200 day moving average of $27.17.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.30. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. The business had revenue of $10.69 billion for the quarter, compared to analysts’ expectations of $9.73 billion. During the same quarter in the previous year, the firm posted $0.69 EPS. As a group, research analysts predict that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be paid a $0.296 dividend. The ex-dividend date is Wednesday, November 20th. This represents a $1.18 annualized dividend and a yield of 3.64%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.29. Manulife Financial’s dividend payout ratio (DPR) is currently 56.04%.

Manulife Financial 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.