Manulife Financial Corp $MFC Shares Purchased by Eastern Bank

Eastern Bank boosted its holdings in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 156.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 968 shares of the financial services provider’s stock after acquiring an additional 590 shares during the period. Eastern Bank’s holdings in Manulife Financial were worth $31,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. William B. Walkup & Associates Inc. acquired a new stake in shares of Manulife Financial during the 1st quarter worth about $43,000. Oliver Lagore Vanvalin Investment Group acquired a new stake in shares of Manulife Financial during the 2nd quarter worth about $55,000. Carderock Capital Management Inc. acquired a new stake in shares of Manulife Financial during the 2nd quarter worth about $58,000. Opal Wealth Advisors LLC acquired a new stake in shares of Manulife Financial during the 1st quarter worth about $59,000. Finally, Kozak & Associates Inc. acquired a new stake in shares of Manulife Financial during the 2nd quarter worth about $61,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Price Performance

Shares of MFC stock opened at $32.10 on Tuesday. The firm has a market cap of $54.39 billion, a P/E ratio of 14.33, a PEG ratio of 1.09 and a beta of 0.98. Manulife Financial Corp has a 1-year low of $25.92 and a 1-year high of $33.07. The firm’s 50-day simple moving average is $31.00 and its 200-day simple moving average is $30.85.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.The company had revenue of $11.30 billion for the quarter. During the same quarter in the prior year, the firm posted $0.91 EPS. Analysts expect that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Wednesday, August 20th were issued a $0.3199 dividend. The ex-dividend date was Wednesday, August 20th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a yield of 4.0%. Manulife Financial’s payout ratio is 56.70%.

Wall Street Analysts Forecast Growth

MFC has been the topic of several analyst reports. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Manulife Financial in a research note on Wednesday, October 8th. Royal Bank Of Canada decreased their price target on shares of Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. Finally, Morgan Stanley set a $47.00 price objective on shares of Manulife Financial in a report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $48.00.

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.