Manulife Financial Corp (NYSE:MFC – Get Free Report) (TSE:MFC) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $41.70 and last traded at $41.57, with a volume of 144210 shares. The stock had previously closed at $41.18.
Wall Street Analyst Weigh In
Several brokerages recently commented on MFC. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Wednesday, April 29th. TD Securities reissued a “buy” rating on shares of Manulife Financial in a research note on Thursday, May 14th. Finally, Weiss Ratings raised Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, Manulife Financial presently has a consensus rating of “Buy” and an average price target of $51.50.
Get Our Latest Stock Analysis on Manulife Financial
Manulife Financial Stock Up 0.9%
Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) last released its quarterly earnings data on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.02). Manulife Financial had a return on equity of 16.58% and a net margin of 10.19%.The business had revenue of $8.89 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same quarter in the prior year, the firm earned $0.99 earnings per share. Equities analysts expect that Manulife Financial Corp will post 3.2 EPS for the current year.
Manulife Financial Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, May 29th were issued a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 4.7%. The ex-dividend date was Friday, May 29th. Manulife Financial’s dividend payout ratio is currently 56.75%.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG lifted its position in shares of Manulife Financial by 10.0% during the fourth quarter. UBS Group AG now owns 4,016,230 shares of the financial services provider’s stock worth $145,709,000 after purchasing an additional 363,963 shares in the last quarter. Legal & General Group Plc increased its stake in Manulife Financial by 5.7% during the 3rd quarter. Legal & General Group Plc now owns 11,541,321 shares of the financial services provider’s stock worth $359,662,000 after buying an additional 621,093 shares during the period. Sienna Gestion increased its stake in Manulife Financial by 233.6% during the 3rd quarter. Sienna Gestion now owns 556,239 shares of the financial services provider’s stock worth $15,804,000 after buying an additional 389,500 shares during the period. Numerai GP LLC lifted its holdings in Manulife Financial by 253.9% in the 3rd quarter. Numerai GP LLC now owns 326,414 shares of the financial services provider’s stock worth $10,168,000 after buying an additional 234,174 shares in the last quarter. Finally, Quadrature Capital Ltd lifted its holdings in Manulife Financial by 13,155.3% in the 3rd quarter. Quadrature Capital Ltd now owns 4,229,500 shares of the financial services provider’s stock worth $131,743,000 after buying an additional 4,197,592 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.
About Manulife Financial
Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.
In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.
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