Callan Family Office LLC Makes New Investment in Manulife Financial Corp $MFC

Key Points

• Callan Family Office purchased 88,157 Manulife Financial shares during the second quarter, valued at approximately $3.57 million. Institutional investors collectively own 52.56% of the company.
• Analyst sentiment remains broadly positive, with an average rating of “Buy” and a consensus price target of $59.00; RBC raised its target from $55 to $67.
• Manulife reported quarterly EPS of $0.79, slightly above estimates, while revenue increased 7.3% year over year. The company also declared a quarterly dividend of $0.485 per share, representing a 4.6% annualized yield.

Callan Family Office LLC purchased a new stake in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 88,157 shares of the financial services provider's stock, valued at approximately $3,571,000.

Several other institutional investors also recently made changes to their positions in MFC. UBS Group AG grew its position in Manulife Financial by 10.0% during the fourth quarter. UBS Group AG now owns 4,016,230 shares of the financial services provider's stock valued at $145,709,000 after acquiring an additional 363,963 shares during the period. Generali Asset Management SPA SGR increased its stake in Manulife Financial by 1,092.1% during the fourth quarter. Generali Asset Management SPA SGR now owns 51,632 shares of the financial services provider's stock worth $1,873,000 after acquiring an additional 47,301 shares during the last quarter. Canerector Inc. increased its stake in Manulife Financial by 27.0% during the first quarter. Canerector Inc. now owns 800,000 shares of the financial services provider's stock worth $28,000 after acquiring an additional 170,000 shares during the last quarter. Swiss National Bank raised its holdings in shares of Manulife Financial by 25.7% in the 1st quarter. Swiss National Bank now owns 5,645,600 shares of the financial services provider's stock worth $194,191,000 after purchasing an additional 1,154,200 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Manulife Financial by 183.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider's stock worth $402,969,000 after purchasing an additional 7,577,711 shares during the period. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MFC has been the subject of a number of research reports. TD Securities reiterated a "buy" rating on shares of Manulife Financial in a report on Thursday, August 6th. Zacks Research downgraded shares of Manulife Financial from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 15th. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a report on Friday, August 7th. Royal Bank Of Canada lifted their price target on shares of Manulife Financial from $55.00 to $67.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. Finally, Weiss Ratings upgraded shares of Manulife Financial from a "buy (a-)" rating to a "buy (a)" rating in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $59.00.

Manulife Financial Price Performance

NYSE:MFC opened at $42.54 on Friday. The business's 50-day moving average is $42.48 and its two-hundred day moving average is $38.90. Manulife Financial Corp has a 12 month low of $29.77 and a 12 month high of $45.33. The firm has a market capitalization of $70.70 billion, a PE ratio of 15.87 and a beta of 0.84.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.78 by $0.01. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The company had revenue of $2.22 billion for the quarter, compared to analysts' expectations of $7.28 billion. During the same quarter in the previous year, the firm posted $0.95 earnings per share. The firm's quarterly revenue was up 7.3% on a year-over-year basis. Equities analysts anticipate that Manulife Financial Corp will post 3.03 EPS for the current year.

Manulife Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, August 21st will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Friday, August 21st. Manulife Financial's dividend payout ratio (DPR) is presently 53.36%.

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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