Cidel Asset Management Inc. Raises Stock Holdings in Manulife Financial Corp $MFC

Key Points

• Cidel Asset Management nearly doubled its Manulife Financial stake in the second quarter, purchasing 411,420 additional shares to hold 827,626 shares valued at approximately $33.6 million. Institutional investors and hedge funds own 52.56% of the company.
• Manulife reported quarterly earnings of $0.79 per share, slightly above analyst expectations, while revenue increased 7.3% year over year. The company declared a quarterly dividend of $0.485 per share, implying a 4.5% annualized yield.
• Analysts remain broadly positive, with the stock carrying a consensus “Buy” rating and an average price target of $59, compared with its reported market price of $43.36.

Cidel Asset Management Inc. raised its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 98.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 827,626 shares of the financial services provider's stock after purchasing an additional 411,420 shares during the period. Manulife Financial comprises 1.6% of Cidel Asset Management Inc.'s holdings, making the stock its 15th largest position. Cidel Asset Management Inc.'s holdings in Manulife Financial were worth $33,554,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Brighton Jones LLC lifted its holdings in Manulife Financial by 33.9% during the fourth quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider's stock valued at $288,000 after purchasing an additional 2,376 shares in the last quarter. AQR Capital Management LLC increased its stake in Manulife Financial by 179.7% during 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 in the last quarter. Empowered Funds LLC raised its holdings in shares of 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 last quarter. Sivia Capital Partners LLC raised its holdings in shares of 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 last quarter. 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 owned by institutional investors and hedge funds.

Manulife Financial Stock Down 2.2%

NYSE:MFC opened at $43.36 on Wednesday. Manulife Financial Corp has a 52 week low of $30.52 and a 52 week high of $45.33. The stock's fifty day moving average is $43.17 and its two-hundred day moving average is $39.41. The company has a market capitalization of $71.94 billion, a P/E ratio of 16.18 and a beta of 0.83.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.78 by $0.01. The business had revenue of $2.22 billion during the quarter, compared to analysts' expectations of $7.28 billion. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The company's revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.95 EPS. Sell-side analysts anticipate that Manulife Financial Corp will post 3.08 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have weighed in on MFC shares. TD Securities restated a "buy" rating on shares of Manulife Financial in a report on Thursday, August 6th. Royal Bank Of Canada upped their price target on Manulife Financial from $55.00 to $67.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. Zacks Research upgraded Manulife Financial from a "strong sell" rating to a "hold" rating in a research report on Wednesday, September 2nd. Weiss Ratings upgraded Manulife Financial from a "buy (a-)" rating to a "buy (a)" rating in a report on Wednesday, August 19th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Manulife Financial in a research 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 assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $59.00.

Manulife Financial Profile

Manulife Financial Corporation is a Canada-based financial services company that provides insurance, wealth management and asset management products to individuals, businesses and institutional clients. Its offerings include life and health insurance, retirement solutions, investment products, group benefits and long-term care coverage.

Manulife serves customers primarily in Canada, the United States and Asia. In the United States, its insurance and retirement businesses operate under the John Hancock brand.

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