Manulife Financial Corp $MFC Shares Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in Manulife Financial Corp by 2,413.3%, owning approximately 1,562,190 shares worth nearly $50 million as of its latest SEC filing.
• Recent analyst reports have resulted in a new consensus price target of $48.50 for Manulife Financial, with some analysts rating it as a "Buy."
• Manulife Financial has announced an increase in its quarterly dividend to $0.3199, reflecting a 4.0% yield and a payout ratio of 56.7%.

Assenagon Asset Management S.A. increased its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 2,413.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,562,190 shares of the financial services provider's stock after purchasing an additional 1,500,033 shares during the period. Assenagon Asset Management S.A. owned 0.09% of Manulife Financial worth $49,924,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of MFC. JCIC Asset Management Inc. boosted its stake in Manulife Financial by 5.6% in the 1st quarter. JCIC Asset Management Inc. now owns 6,749 shares of the financial services provider's stock worth $210,000 after purchasing an additional 360 shares during the period. Blair William & Co. IL raised its stake in shares of Manulife Financial by 1.9% in the first quarter. Blair William & Co. IL now owns 19,878 shares of the financial services provider's stock worth $619,000 after acquiring an additional 377 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Manulife Financial by 3.0% during the first quarter. Pacer Advisors Inc. now owns 15,405 shares of the financial services provider's stock worth $480,000 after buying an additional 444 shares during the last quarter. Napatree Capital LLC raised its position in Manulife Financial by 4.7% during the first quarter. Napatree Capital LLC now owns 10,279 shares of the financial services provider's stock worth $320,000 after acquiring an additional 465 shares in the last quarter. Finally, United Services Automobile Association raised its position in shares of Manulife Financial by 0.8% in the first quarter. United Services Automobile Association now owns 60,000 shares of the financial services provider's stock valued at $1,848,000 after purchasing an additional 471 shares during the period. Institutional investors own 52.56% of the company's stock.

Manulife Financial Trading Down 1.9%

NYSE MFC traded down $0.59 during trading hours on Tuesday, hitting $31.14. 831,203 shares of the company's stock were exchanged, compared to its average volume of 2,278,805. Manulife Financial Corp has a 1-year low of $25.92 and a 1-year high of $33.07. The firm has a market cap of $52.77 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.06 and a beta of 0.99. The stock has a 50-day simple moving average of $30.81 and a 200 day simple moving average of $30.70.

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 analysts' consensus estimates of $0.71 by ($0.02). The company had revenue of $11.30 billion during 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 posted $0.91 earnings per share. On average, 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 company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th were paid a dividend of $0.3199 per share. The ex-dividend date of this dividend was 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 yield of 4.1%. Manulife Financial's payout ratio is presently 56.70%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Royal Bank Of Canada decreased their price target on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Morgan Stanley set a $48.00 price objective on Manulife Financial in a report on Monday, August 18th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $48.50.

About Manulife Financial

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.