Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Manulife Financial Corp (NYSE:MFC – Free Report) (TSE:MFC) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 5,687,844 shares of the financial services provider’s stock, valued at approximately $230,451,000.
A number of other large investors have also modified their holdings of MFC. Basepoint Wealth LLC purchased a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $25,000. Addison Advisors LLC acquired a new stake in Manulife Financial in the second quarter valued at $25,000. Hantz Financial Services Inc. purchased a new stake in shares of Manulife Financial during the 4th quarter worth $28,000. Canerector Inc. boosted its position in shares of Manulife Financial by 27.0% during the 1st quarter. Canerector Inc. now owns 800,000 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 170,000 shares in the last quarter. Finally, Sfam LLC acquired a new position in shares of Manulife Financial during the 4th quarter worth $28,000. 52.56% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently issued reports on the stock. Zacks Research downgraded shares of Manulife Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. Weiss Ratings upgraded shares of Manulife Financial from a “buy (a-)” rating to a “buy (a)” rating in a research report on Wednesday. BMO Capital Markets reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Friday, August 7th. TD Securities reiterated a “buy” rating on shares of Manulife Financial in a research report on Thursday, August 6th. Finally, Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $59.00.
Manulife Financial Stock Performance
MFC stock opened at $42.54 on Monday. The stock’s 50 day moving average price is $42.48 and its 200 day moving average price is $38.90. The firm has a market cap of $70.70 billion, a P/E ratio of 15.87 and a beta of 0.84. Manulife Financial Corp has a 1 year low of $29.77 and a 1 year high of $45.33.
Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The company had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $7.28 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, research analysts predict that Manulife Financial Corp will post 3.03 earnings per share for the current year.
Manulife Financial Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, August 21st will be paid a $0.485 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $1.94 annualized dividend and a yield of 4.6%. Manulife Financial’s payout ratio is presently 51.49%.
Manulife Financial Profile
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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