AGF Management Ltd. Raises Position in Manulife Financial Corp (NYSE:MFC)

Key Points

• AGF Management Ltd. increased its stake in Manulife Financial Corp by 63.7%, acquiring an additional 947,057 shares, bringing its total ownership to approximately 2.43 million shares valued at $75.79 million.
• Manulife Financial recently announced a quarterly dividend increase to $0.3199 per share, offering an annual yield of 4.3% with a payout ratio of 57.14%.
• Despite reporting earnings per share of $0.69, Manulife Financial missed analysts' estimates of $0.71, reflecting a decrease in earnings compared to $0.91 from the same quarter last year.

AGF Management Ltd. grew its stake in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 63.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,433,140 shares of the financial services provider's stock after purchasing an additional 947,057 shares during the period. AGF Management Ltd. owned approximately 0.14% of Manulife Financial worth $75,792,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MFC. Lazard Asset Management LLC purchased a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $35,000. Transce3nd LLC purchased a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $42,000. NBC Securities Inc. boosted its stake in shares of Manulife Financial by 178,700.0% in the first quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock valued at $55,000 after buying an additional 1,787 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Manulife Financial in the first quarter valued at approximately $59,000. Finally, Ancora Advisors LLC boosted its stake in shares of Manulife Financial by 34.7% in the fourth quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock valued at $60,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company's stock.

Manulife Financial Stock Performance

Manulife Financial stock traded up $0.12 during trading on Thursday, hitting $30.60. The company's stock had a trading volume of 1,654,385 shares, compared to its average volume of 2,308,857. The stock has a market capitalization of $51.98 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 1.03 and a beta of 1.01. The stock's fifty day moving average is $31.09 and its 200 day moving average is $30.54. Manulife Financial Corp has a 1-year low of $25.72 and a 1-year high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.02). The firm had revenue of $11.30 billion for the quarter. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%. During the same period in the previous year, the company earned $0.91 EPS. On average, research analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th will be given a $0.3199 dividend. The ex-dividend date of this dividend is Wednesday, August 20th. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a dividend yield of 4.2%. Manulife Financial's dividend payout ratio (DPR) is currently 57.14%.

Analyst Ratings Changes

A number of analysts recently weighed in on MFC shares. Morgan Stanley set a $46.00 price target on Manulife Financial in a research note on Monday, May 19th. Royal Bank Of Canada decreased their price target on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th.

Manulife Financial Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.