The Manufacturers Life Insurance Company Acquires 36,838 Shares of Manulife Financial Co. (NYSE:MFC)

The Manufacturers Life Insurance Company raised its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,035,663 shares of the financial services provider’s stock after purchasing an additional 36,838 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Manulife Financial were worth $60,202,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Manulife Financial by 1,210.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,161,059 shares of the financial services provider’s stock valued at $30,922,000 after acquiring an additional 1,072,474 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Manulife Financial by 0.5% in the 2nd quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider’s stock worth $393,592,000 after buying an additional 75,244 shares during the period. Toronto Dominion Bank grew its position in shares of Manulife Financial by 3.2% during the 2nd quarter. Toronto Dominion Bank now owns 24,057,503 shares of the financial services provider’s stock worth $640,411,000 after buying an additional 750,422 shares in the last quarter. Sumitomo Life Insurance Co. purchased a new position in shares of Manulife Financial during the second quarter valued at $794,000. Finally, International Assets Investment Management LLC purchased a new stake in Manulife Financial in the third quarter worth about $956,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Manulife Financial Stock Up 0.1 %

NYSE MFC opened at $31.89 on Thursday. The firm has a market cap of $55.87 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. Manulife Financial Co. has a 52 week low of $19.20 and a 52 week high of $33.07. The company has a 50 day moving average price of $30.60 and a 200 day moving average price of $27.83.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.30. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. The firm had revenue of $10.69 billion during the quarter, compared to analysts’ expectations of $9.73 billion. During the same quarter last year, the firm earned $0.69 EPS. On average, equities research analysts anticipate that Manulife Financial Co. will post 2.72 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Wednesday, November 20th will be paid a $0.296 dividend. This represents a $1.18 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Wednesday, November 20th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. Manulife Financial’s payout ratio is currently 57.00%.

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.