Algert Global LLC Acquires Shares of 28,525 Manulife Financial Corp $MFC

Key Points

• Algert Global LLC has acquired 28,525 shares of Manulife Financial Corp, valued at approximately $890,000, in the first quarter of this year.
• Analysts have set a new average target price of $48.50 for Manulife Financial, with a rating of "Moderate Buy" based on recent evaluations from various brokerages.
• Manulife Financial recently declared a quarterly dividend of $0.3199 per share, increasing from its previous dividend, resulting in an annualized yield of 4.2%.

Algert Global LLC bought a new position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 28,525 shares of the financial services provider's stock, valued at approximately $890,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in MFC. Brighton Jones LLC boosted its holdings in shares of Manulife Financial by 33.9% in the fourth quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider's stock worth $288,000 after buying an additional 2,376 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Manulife Financial in the fourth quarter worth about $2,256,000. Guggenheim Capital LLC boosted its holdings in shares of Manulife Financial by 23.7% in the fourth quarter. Guggenheim Capital LLC now owns 8,486 shares of the financial services provider's stock worth $261,000 after buying an additional 1,624 shares during the period. First Trust Advisors LP boosted its holdings in shares of Manulife Financial by 3.6% in the fourth quarter. First Trust Advisors LP now owns 349,842 shares of the financial services provider's stock worth $10,746,000 after buying an additional 12,256 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Manulife Financial in the fourth quarter worth about $26,862,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on MFC. Morgan Stanley set a $48.00 target price on shares of Manulife Financial in a report on Monday, August 18th. Royal Bank Of Canada lowered their target price 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. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $48.50.

Manulife Financial Price Performance

NYSE:MFC opened at $30.7250 on Friday. Manulife Financial Corp has a fifty-two week low of $25.92 and a fifty-two week high of $33.07. The stock's 50-day moving average is $30.87 and its two-hundred day moving average is $30.57. The stock has a market cap of $52.19 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 1.03 and a beta of 1.01.

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 earnings per share (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 net margin of 10.46% and a return on equity of 15.77%. During the same period last year, the company posted $0.91 EPS. On average, equities research analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th will be issued a dividend of $0.3199 per share. The ex-dividend date is Wednesday, August 20th. This represents a $1.28 annualized dividend and a dividend yield of 4.2%. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio is presently 56.70%.

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.

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