Bank of Nova Scotia Sells 701,069 Shares of Manulife Financial Corp $MFC

Key Points

• Bank of Nova Scotia cut its position in Manulife by 5.0%, selling 701,069 shares in Q3 and now holds 13,301,099 shares (~$414.45M), making MFC its 22nd-largest holding.
• Manulife increased its quarterly dividend to $0.485 per share (annualized $1.94) for a ~5.8% yield; the ex-dividend date was Feb 25 and the payment is scheduled for Mar 19.
• Manulife reported Q results of $0.80 EPS (vs. $0.76 estimate), revenue of $11.32B and ROE of 16.43%, and analysts carry an average price target of $51.50 with a consensus "Buy" while the stock trades near $33.42.

Bank of Nova Scotia cut its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 5.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,301,099 shares of the financial services provider's stock after selling 701,069 shares during the period. Manulife Financial comprises 0.7% of Bank of Nova Scotia's portfolio, making the stock its 22nd largest holding. Bank of Nova Scotia owned approximately 0.79% of Manulife Financial worth $414,453,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC lifted its stake in shares of Manulife Financial by 33.9% during the 4th quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider's stock valued at $288,000 after buying an additional 2,376 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Manulife Financial by 179.7% in the 1st 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 period. Empowered Funds LLC raised its holdings in Manulife Financial by 18.7% during the first quarter. Empowered Funds LLC now owns 56,418 shares of the financial services provider's stock valued at $1,757,000 after acquiring an additional 8,900 shares during the period. Sivia Capital Partners LLC raised its holdings in Manulife Financial by 13.1% during the second quarter. Sivia Capital Partners LLC now owns 7,843 shares of the financial services provider's stock valued at $251,000 after acquiring an additional 909 shares during the period. Finally, MUFG Securities EMEA plc lifted its position in shares of Manulife Financial by 814.3% in the second quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider's stock valued at $204,544,000 after acquiring an additional 5,699,999 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Stock Down 0.3%

Shares of Manulife Financial stock opened at $33.42 on Friday. Manulife Financial Corp has a twelve month low of $25.92 and a twelve month high of $38.72. The business has a 50-day moving average price of $36.46 and a 200-day moving average price of $34.38. The firm has a market cap of $56.03 billion, a price-to-earnings ratio of 15.05 and a beta of 0.83.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.04. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.The company had revenue of $11.32 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the previous year, the business earned $1.03 earnings per share. On average, equities analysts expect that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Wednesday, February 25th will be issued a dividend of $0.485 per share. This is a positive change from Manulife Financial's previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $1.94 annualized dividend and a dividend yield of 5.8%. Manulife Financial's payout ratio is currently 63.96%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on MFC shares. Canadian Imperial Bank of Commerce raised Manulife Financial from a "neutral" rating to an "outperform" rating in a research note on Thursday, January 8th. Morgan Stanley set a $51.00 target price on Manulife Financial in a research note on Monday, December 15th. Weiss Ratings cut Manulife Financial from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday, February 13th. Royal Bank Of Canada restated an "outperform" rating on shares of Manulife Financial in a research note on Friday, February 13th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Manulife Financial in a report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. Based on data from MarketBeat, Manulife Financial has an average rating of "Buy" and an average price target of $51.50.

About Manulife Financial

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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