Northwestern Mutual Wealth Management Co. bought a new position in shares of Manulife Financial Corp (NYSE:MFC – Free Report) (TSE:MFC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 114,281 shares of the financial services provider’s stock, valued at approximately $4,630,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in MFC. Vanguard Group Inc. lifted its position in Manulife Financial by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 78,317,970 shares of the financial services provider’s stock valued at $2,843,882,000 after acquiring an additional 1,606,480 shares in the last quarter. TD Asset Management Inc increased its holdings in Manulife Financial by 1.4% during the 4th quarter. TD Asset Management Inc now owns 38,181,297 shares of the financial services provider’s stock worth $1,388,259,000 after purchasing an additional 542,834 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Manulife Financial by 2.6% during the 4th quarter. Mackenzie Financial Corp now owns 28,550,943 shares of the financial services provider’s stock worth $1,041,431,000 after purchasing an additional 728,643 shares in the last quarter. Norges Bank purchased a new stake in shares of Manulife Financial in the fourth quarter worth approximately $777,229,000. Finally, CIBC Asset Management Inc raised its stake in shares of Manulife Financial by 14.6% in the fourth quarter. CIBC Asset Management Inc now owns 16,885,459 shares of the financial services provider’s stock worth $616,479,000 after purchasing an additional 2,145,099 shares during the last quarter. 52.56% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on MFC shares. Zacks Research cut Manulife Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research report on Friday, August 7th. Royal Bank Of Canada increased their price target on Manulife Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. TD Securities restated a “buy” rating on shares of Manulife Financial in a research note on Thursday, August 6th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $59.00.
Manulife Financial Stock Performance
NYSE:MFC opened at $42.54 on Monday. Manulife Financial Corp has a 52 week low of $29.77 and a 52 week high of $45.33. The firm has a 50-day moving average price of $42.48 and a two-hundred day moving average price of $38.90. The firm has a market cap of $70.70 billion, a price-to-earnings ratio of 15.87 and a beta of 0.84.
Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) last announced its 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. The firm had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $7.28 billion. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The company’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.95 EPS. As a group, sell-side analysts forecast that Manulife Financial Corp will post 3.03 earnings per share for the current year.
Manulife Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, August 21st will be issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Friday, August 21st. Manulife Financial’s dividend payout ratio (DPR) is 51.49%.
Manulife Financial Company 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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