Canada Pension Plan Investment Board Purchases 2,226,152 Shares of Manulife Financial Corp $MFC

Key Points

• The Canada Pension Plan Investment Board increased its stake in Manulife Financial Corp by 30.0%, owning a total of 9,653,897 shares valued at $300.86 million.
• Manulife Financial recently increased its quarterly dividend to $0.3199, resulting in an annualized dividend yield of 4.2%.
• Analysts have set a new average target price of $48.50 for Manulife Financial, with mixed ratings from research firms including a recent downgrade from Royal Bank of Canada.

Canada Pension Plan Investment Board increased its stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 30.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,653,897 shares of the financial services provider's stock after buying an additional 2,226,152 shares during the period. Canada Pension Plan Investment Board owned about 0.56% of Manulife Financial worth $300,860,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Lazard Asset Management LLC purchased a new position in shares of Manulife Financial in the fourth quarter worth about $35,000. William B. Walkup & Associates Inc. purchased a new position in shares of Manulife Financial in the first quarter worth about $43,000. NBC Securities Inc. grew its stake in Manulife Financial by 178,700.0% during the first quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock valued at $55,000 after acquiring an additional 1,787 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in Manulife Financial during the first quarter valued at approximately $59,000. Finally, Ancora Advisors LLC grew its stake in Manulife Financial by 34.7% during the fourth quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock valued at $60,000 after acquiring an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

Manulife Financial Price Performance

MFC stock traded up $0.09 during midday trading on Wednesday, reaching $30.57. The company had a trading volume of 406,157 shares, compared to its average volume of 2,318,115. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $33.07. The company has a market capitalization of $51.92 billion, a P/E ratio of 13.65, a P/E/G ratio of 1.03 and a beta of 0.99. The firm has a 50-day moving average price of $30.80 and a 200-day moving average price of $30.60.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing analysts' consensus estimates of $0.71 by ($0.02). The business 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 last year, the firm posted $0.91 EPS. On average, equities analysts predict that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th will be issued a $0.3199 dividend. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, August 20th. This represents a $1.28 annualized dividend and a yield of 4.2%. Manulife Financial's dividend payout ratio (DPR) is currently 56.70%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Morgan Stanley set a $48.00 price objective on shares of Manulife Financial in a research note on Monday, August 18th. Royal Bank Of Canada reduced their price objective 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. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate 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.