Ascent Group LLC Purchases New Shares in Manulife Financial Corp $MFC

Key Points

• Ascent Group LLC has acquired a new position in Manulife Financial Corp, purchasing 8,744 shares valued at approximately $272,000 in the first quarter.
• Manulife Financial recently reported $0.69 EPS for the last quarter, which missed the consensus estimate of $0.71, while having a revenue of $11.30 billion.
• The company declared a quarterly dividend of $0.3199 per share, increasing from the previous $0.32, indicating a dividend yield of 4.0% and a payout ratio of 56.70%.

Ascent Group LLC acquired a new position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,744 shares of the financial services provider's stock, valued at approximately $272,000.

A number of other institutional investors have also added to or reduced their stakes in the company. United Services Automobile Association increased its holdings in Manulife Financial by 0.8% during the first quarter. United Services Automobile Association now owns 60,000 shares of the financial services provider's stock worth $1,848,000 after buying an additional 471 shares during the last quarter. Ashton Thomas Private Wealth LLC increased its holdings in Manulife Financial by 19.1% during the first quarter. Ashton Thomas Private Wealth LLC now owns 143,994 shares of the financial services provider's stock worth $4,485,000 after buying an additional 23,132 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Manulife Financial by 134.3% during the first quarter. Goldman Sachs Group Inc. now owns 8,444,479 shares of the financial services provider's stock worth $263,046,000 after buying an additional 4,840,963 shares during the last quarter. AQR Capital Management LLC increased its holdings in Manulife Financial by 179.7% during the first quarter. AQR Capital Management LLC now owns 28,362 shares of the financial services provider's stock worth $872,000 after buying an additional 18,222 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in Manulife Financial by 2.8% during the first quarter. Advisors Asset Management Inc. now owns 28,755 shares of the financial services provider's stock worth $896,000 after buying an additional 779 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Trading Up 0.3%

Shares of NYSE:MFC traded up $0.10 on Friday, hitting $31.89. The company had a trading volume of 1,038,523 shares, compared to its average volume of 2,091,922. Manulife Financial Corp has a 1-year low of $25.92 and a 1-year high of $33.07. The stock has a market cap of $54.04 billion, a price-to-earnings ratio of 14.24, a P/E/G ratio of 1.07 and a beta of 0.99. The stock has a 50 day moving average price of $30.68 and a 200 day moving average price of $30.63.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released 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). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The business had revenue of $11.30 billion during the quarter. During the same quarter in the previous year, the business earned $0.91 EPS. Sell-side analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, August 20th will be paid a $0.3199 dividend. This represents a $1.28 annualized dividend and a dividend yield of 4.0%. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, August 20th. Manulife Financial's dividend payout ratio is currently 56.70%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. 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 shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $48.50.

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.