49,075 Shares in Manulife Financial Corp $MFC Bought by CenterBook Partners LP

Key Points

• CenterBook Partners LP initiated a position in Manulife Financial in the third quarter, buying 49,075 shares valued at approximately $2.09 million. Institutional investors collectively own 52.56% of the company.
• Manulife reported quarterly earnings of $0.89 per share, beating the $0.83 consensus estimate, and revenue of $8.78 billion versus expectations of $7.67 billion.
• Analysts’ consensus rating is Buy, with an average price target of $58.75. The company also declared a quarterly dividend of C$0.48 per share, equivalent to an indicated annualized yield of 4.5%.

CenterBook Partners LP acquired a new position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 49,075 shares of the financial services provider's stock, valued at approximately $2,090,000.

Several other institutional investors have also recently bought and sold shares of MFC. Bank of America Corp DE bought a new stake in shares of Manulife Financial during the second quarter worth $145,177,000. Canerector Inc. lifted its stake in shares of Manulife Financial by 27.0% during the first 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 period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Manulife Financial by 183.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider's stock valued at $402,969,000 after acquiring an additional 7,577,711 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in Manulife Financial in the second quarter valued at about $92,762,000. Finally, Swiss National Bank increased its position in Manulife Financial by 25.7% in the first 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 during the period. Institutional investors own 52.56% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Royal Bank Of Canada boosted their price objective on Manulife Financial from $55.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Zacks Research raised shares of Manulife Financial from a "strong sell" rating to a "hold" rating in a research note on Wednesday, September 2nd. TD Securities reiterated a "buy" rating on shares of Manulife Financial in a research report on Thursday, August 6th. Scotiabank cut shares of Manulife Financial from a "sector outperform" rating to a "sector perform" rating in a research report on Tuesday, October 27th. Finally, BMO Capital Markets 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, three have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $58.75.

Manulife Financial Stock Performance

Shares of NYSE MFC opened at $43.19 on Monday. The stock has a market cap of $71.35 billion, a P/E ratio of 17.07 and a beta of 0.86. The firm has a 50 day moving average price of $43.75 and a 200 day moving average price of $40.15. Manulife Financial Corp has a 52-week low of $32.58 and a 52-week high of $46.19.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its earnings results on Wednesday, November 4th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.83 by $0.06. The firm had revenue of $8.78 billion during the quarter, compared to the consensus estimate of $7.67 billion. Manulife Financial had a net margin of 10.28% and a return on equity of 16.75%. During the same quarter in the prior year, the firm earned $1.16 earnings per share. Analysts predict that Manulife Financial Corp will post 3.00 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Friday, November 20th will be issued a C$0.48 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $1.94 annualized dividend and a dividend yield of 4.5%. Manulife Financial's payout ratio is 54.55%.

About Manulife Financial

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