Connor Clark & Lunn Investment Management Ltd. Grows Position in Manulife Financial Corp (NYSE:MFC)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Manulife Financial Corp by 1.0%, acquiring an additional 112,761 shares, bringing their total to approximately 11.4 million shares.
• Manulife Financial reported a quarterly earnings miss with $0.69 EPS, falling short of the $0.71 consensus estimate, along with a revenue of $11.30 billion.
• The company announced a quarterly dividend of $0.3199, which represents an increase and a yield of 4.3%, set to be paid on September 19th.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 1.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,447,174 shares of the financial services provider's stock after buying an additional 112,761 shares during the quarter. Manulife Financial comprises about 1.6% of Connor Clark & Lunn Investment Management Ltd.'s portfolio, making the stock its 11th biggest holding. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.67% of Manulife Financial worth $356,747,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MFC. Lazard Asset Management LLC acquired a new position in shares of Manulife Financial during the 4th quarter valued at about $35,000. Transce3nd LLC acquired a new position in shares of Manulife Financial during the 4th quarter valued at about $42,000. NBC Securities Inc. boosted its position in shares of Manulife Financial by 178,700.0% during the 1st 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 during the last quarter. Opal Wealth Advisors LLC acquired a new position in shares of Manulife Financial during the 1st quarter valued at about $59,000. Finally, Ancora Advisors LLC boosted its position in shares of Manulife Financial by 34.7% during the 4th 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 during the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

Manulife Financial Trading Up 1.1%

NYSE MFC traded up $0.32 during trading hours on Wednesday, reaching $30.47. The company had a trading volume of 684,991 shares, compared to its average volume of 2,279,455. The stock has a 50-day moving average of $31.12 and a 200 day moving average of $30.54. Manulife Financial Corp has a 1-year low of $25.45 and a 1-year high of $33.07. The stock has a market capitalization of $51.75 billion, a P/E ratio of 13.60, a price-to-earnings-growth ratio of 1.02 and a beta of 1.01.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.02). The business had revenue of $11.30 billion for the quarter. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%. During the same quarter in the previous year, the company earned $0.91 earnings per share. As a group, sell-side analysts predict that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, August 20th will be paid a dividend of $0.3199 per share. The ex-dividend date is Wednesday, August 20th. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.2%. Manulife Financial's payout ratio is currently 56.70%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Royal Bank Of Canada decreased their target price on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Morgan Stanley set a $46.00 target price on shares of Manulife Financial in a research report on Monday, May 19th.

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.