Bank of New York Mellon Corp Acquires 110,063 Shares of Manulife Financial Corp $MFC

Key Points

• Bank of New York Mellon increased its Manulife Financial stake by 6.3% in the second quarter, adding 110,063 shares to own 1.87 million shares valued at approximately $75.6 million. Institutional investors collectively own 52.56% of the company.
• Analyst sentiment remains broadly positive, with an average “Buy” rating and a consensus price target of $59, despite Zacks Research downgrading the stock to “strong sell.”
• Manulife reported quarterly EPS of $0.79, slightly above estimates, while revenue rose 7.3% year over year. The company also declared a quarterly dividend of $0.485 per share, representing a 4.5% annualized yield.

Bank of New York Mellon Corp grew its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 6.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,866,989 shares of the financial services provider's stock after purchasing an additional 110,063 shares during the period. Bank of New York Mellon Corp owned about 0.11% of Manulife Financial worth $75,632,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. One Wealth Advisors LLC grew its holdings in shares of Manulife Financial by 29.1% in the second quarter. One Wealth Advisors LLC now owns 25,267 shares of the financial services provider's stock worth $1,024,000 after purchasing an additional 5,698 shares during the last quarter. Cumberland Partners Ltd increased its stake in Manulife Financial by 15.5% in the 2nd quarter. Cumberland Partners Ltd now owns 23,062 shares of the financial services provider's stock worth $935,000 after buying an additional 3,100 shares during the period. Spirepoint Private Client LLC lifted its holdings in Manulife Financial by 5.4% during the 2nd quarter. Spirepoint Private Client LLC now owns 11,926 shares of the financial services provider's stock valued at $483,000 after buying an additional 606 shares in the last quarter. Norris Financial Group LLC bought a new stake in Manulife Financial during the 2nd quarter valued at about $250,000. Finally, Convergence Financial LLC bought a new stake in Manulife Financial during the 2nd quarter valued at about $257,000. 52.56% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on MFC. Zacks Research downgraded shares of Manulife Financial from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 15th. TD Securities reissued a "buy" rating on shares of Manulife Financial in a research note on Thursday, August 6th. Weiss Ratings raised Manulife Financial from a "buy (a-)" rating to a "buy (a)" rating in a research report on Wednesday, August 19th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Manulife Financial in a research report on Friday, August 7th. Finally, Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $59.00.

Manulife Financial Stock Up 0.8%

Manulife Financial stock opened at $43.18 on Wednesday. The business has a fifty day moving average of $42.57 and a two-hundred day moving average of $38.98. The firm has a market cap of $71.76 billion, a P/E ratio of 16.11 and a beta of 0.84. Manulife Financial Corp has a twelve month low of $29.77 and a twelve month high of $45.33.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.01. The business had revenue of $2.22 billion for 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 business's revenue was up 7.3% compared to the same quarter last year. During the same period last year, the business posted $0.95 EPS. Equities analysts expect that Manulife Financial Corp will post 3.03 earnings per share for the current year.

Manulife Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, August 21st will be paid a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 4.5%. The ex-dividend date is Friday, August 21st. Manulife Financial's payout ratio is 51.49%.

Manulife Financial Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

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