Hollencrest Capital Management lessened its position in Manulife Financial Corp (NYSE:MFC – Free Report) (TSE:MFC) by 69.8% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 12,318 shares of the financial services provider’s stock after selling 28,468 shares during the quarter. Hollencrest Capital Management’s holdings in Manulife Financial were worth $499,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in MFC. Generali Asset Management SPA SGR grew its stake in Manulife Financial by 1,092.1% during the 4th quarter. Generali Asset Management SPA SGR now owns 51,632 shares of the financial services provider’s stock valued at $1,873,000 after acquiring an additional 47,301 shares in the last quarter. Canerector Inc. raised its holdings in Manulife Financial by 27.0% in the 1st quarter. Canerector Inc. now owns 800,000 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 170,000 shares during the last quarter. Swiss National Bank lifted its stake in Manulife Financial by 25.7% in the 1st quarter. Swiss National Bank now owns 5,645,600 shares of the financial services provider’s stock worth $194,191,000 after purchasing an additional 1,154,200 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Manulife Financial by 183.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider’s stock worth $402,969,000 after purchasing an additional 7,577,711 shares in the last quarter. Finally, Intact Investment Management Inc. boosted its holdings in shares of Manulife Financial by 55.5% during the 4th quarter. Intact Investment Management Inc. now owns 2,351,965 shares of the financial services provider’s stock worth $85,401,000 after purchasing an additional 839,820 shares during the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms have recently issued reports on MFC. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research report on Friday, August 7th. Royal Bank Of Canada lifted their price objective on Manulife Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. Zacks Research lowered Manulife Financial from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 15th. TD Securities reissued a “buy” rating on shares of Manulife Financial in a research note on Thursday, August 6th. Finally, Weiss Ratings upgraded Manulife Financial from a “buy (a-)” rating to a “buy (a)” rating in a report on Wednesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Manulife Financial currently has an average rating of “Buy” and a consensus target price of $59.00.
Manulife Financial Stock Performance
Manulife Financial stock opened at $42.82 on Friday. Manulife Financial Corp has a fifty-two week low of $30.20 and a fifty-two week high of $45.33. The firm has a 50 day moving average price of $42.72 and a 200 day moving average price of $39.08. The company has a market capitalization of $71.16 billion, a PE ratio of 15.98 and a beta of 0.84.
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 EPS 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 for the quarter, compared to analysts’ expectations of $7.28 billion. During the same period in the prior year, the firm earned $0.95 earnings per share. The firm’s revenue was up 7.3% compared to the same quarter last year. As a group, equities research analysts forecast 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 dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $1.94 annualized dividend and a yield of 4.5%. Manulife Financial’s dividend payout ratio is presently 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.
Featured Articles
- Five stocks we like better than Manulife Financial
- From SaaS-pocalypse to Perfect Storm: Workday’s AI Growth Story Strengthens
- These 3 GARP Stocks Show Why Growth and Value Do Not Have to Clash
- Venture Into High-Volatility Corners of the Market With These 3 ETFs
- 3 Retail Stocks to Watch After a Big Consumer Earnings Week
Want to see what other hedge funds are holding MFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Manulife Financial Corp (NYSE:MFC – Free Report) (TSE:MFC).
Receive News & Ratings for Manulife Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Manulife Financial and related companies with MarketBeat.com's FREE daily email newsletter.
