Allianz Asset Management GmbH Has $14.44 Million Position in Manulife Financial Corp $MFC

Key Points

• Allianz Asset Management reduced its Manulife Financial stake by 25.3% in the second quarter, selling 120,513 shares and retaining 356,049 shares valued at approximately $14.44 million. Institutional investors collectively own 52.56% of the company.
• Analysts remain broadly positive, with an overall “Buy” consensus and a $59 average price target. Recent quarterly earnings slightly exceeded expectations, with EPS of $0.79 versus the $0.78 consensus and revenue up 7.3% year over year.
• Manulife declared a quarterly dividend of $0.485 per share, equivalent to $1.94 annually and a 4.5% yield. Shares recently traded at $43.36, near their 52-week high of $45.33.

Allianz Asset Management GmbH trimmed its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 25.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 356,049 shares of the financial services provider's stock after selling 120,513 shares during the period. Allianz Asset Management GmbH's holdings in Manulife Financial were worth $14,435,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Basepoint Wealth LLC acquired a new position in shares of Manulife Financial in the 4th quarter valued at $25,000. Addison Advisors LLC bought a new stake in shares of Manulife Financial in the second quarter worth $25,000. First Bancorp Inc ME bought a new stake in Manulife Financial during the 2nd quarter worth about $26,000. POM Investment Strategies LLC acquired a new position in Manulife Financial during the second quarter valued at approximately $26,000. Finally, Hantz Financial Services Inc. acquired a new position in shares of Manulife Financial during the 4th quarter worth approximately $28,000. Institutional investors and hedge funds own 52.56% of the company's stock.

Analysts Set New Price Targets

MFC has been the subject of several recent analyst reports. BMO Capital Markets reissued an "outperform" rating on shares of Manulife Financial in a report on Friday, August 7th. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a research note on Friday, August 7th. Zacks Research upgraded shares of Manulife Financial from a "strong sell" rating to a "hold" rating in a research note on Wednesday, September 2nd. TD Securities reissued a "buy" rating on shares of Manulife Financial in a research report on Thursday, August 6th. Finally, Weiss Ratings raised Manulife Financial from a "buy (a-)" rating to a "buy (a)" rating in a research report on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $59.00.

Manulife Financial Price Performance

Shares of NYSE MFC opened at $43.36 on Wednesday. The stock's fifty day moving average price is $43.17 and its two-hundred day moving average price is $39.41. Manulife Financial Corp has a one year low of $30.52 and a one year high of $45.33. The firm has a market cap of $71.94 billion, a price-to-earnings ratio of 16.18 and a beta of 0.83.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.78 by $0.01. The company had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $7.28 billion. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The company's revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 earnings per share. On average, equities analysts anticipate that Manulife Financial Corp will post 3.08 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

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

Manulife Financial Company Profile

Manulife Financial Corporation is a Canada-based financial services company that provides insurance, wealth management and asset management products to individuals, businesses and institutional clients. Its offerings include life and health insurance, retirement solutions, investment products, group benefits and long-term care coverage.

Manulife serves customers primarily in Canada, the United States and Asia. In the United States, its insurance and retirement businesses operate under the John Hancock brand.

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