Addenda Capital Inc. Purchases 188,964 Shares of Manulife Financial Corp $MFC

Addenda Capital Inc. boosted its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 24.7% in the second quarter, according to its most recent filing with the SEC. The firm owned 953,431 shares of the financial services provider's stock after acquiring an additional 188,964 shares during the period. Manulife Financial accounts for 1.3% of Addenda Capital Inc.'s portfolio, making the stock its 24th largest position. Addenda Capital Inc. owned 0.06% of Manulife Financial worth $38,623,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of MFC. TD Asset Management Inc grew its stake in Manulife Financial by 1.4% in the fourth quarter. TD Asset Management Inc now owns 38,181,297 shares of the financial services provider's stock valued at $1,388,259,000 after acquiring an additional 542,834 shares during the period. Mackenzie Financial Corp boosted its stake in shares of 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 buying an additional 728,643 shares during the last quarter. Norges Bank bought a new position in shares of Manulife Financial in the 4th quarter valued at about $777,229,000. CIBC Asset Management Inc grew its stake in 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 valued at $616,479,000 after purchasing an additional 2,145,099 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Manulife Financial by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 16,808,765 shares of the financial services provider's stock valued at $623,642,000 after buying an additional 1,020,490 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Price Performance

MFC stock opened at $42.82 on Monday. Manulife Financial Corp has a one year low of $30.20 and a one year high of $45.33. The stock has a market cap of $71.16 billion, a price-to-earnings ratio of 15.98 and a beta of 0.84. The company has a fifty day moving average price of $42.72 and a two-hundred day moving average price of $39.09.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.01. The company had revenue of $2.22 billion for the quarter, compared to analyst estimates of $7.28 billion. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The company's revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 earnings per share. Research analysts anticipate that Manulife Financial Corp will post 3.03 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, August 21st will be given a dividend of $0.485 per share. The ex-dividend date is Friday, August 21st. This represents a $1.94 annualized dividend and a yield of 4.5%. Manulife Financial's dividend payout ratio (DPR) is 51.49%.

Analyst Upgrades and Downgrades

MFC has been the subject of several analyst reports. Royal Bank Of Canada raised their target price on shares of Manulife Financial from $55.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Manulife Financial from a "buy (a-)" rating to a "buy (a)" rating in a research note on Wednesday, August 19th. Zacks Research downgraded shares of Manulife Financial from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 15th. BMO Capital Markets restated an "outperform" rating on shares of Manulife Financial in a research note on Friday, August 7th. Finally, Scotiabank restated an "outperform" rating on shares of Manulife Financial in a research note on Friday, August 7th. 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 company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $59.00.

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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