Corient Private Wealth LP Invests $3.56 Million in Manulife Financial Corp $MFC

Key Points

• Corient Private Wealth initiated a $3.56 million position in Manulife Financial during the second quarter by purchasing 87,776 shares. Institutional investors collectively own 52.56% of the company.
• Analysts remain broadly positive, with Manulife carrying an average “Buy” rating and a $59 price target; RBC raised its target to $67, while Zacks Research downgraded the stock to “Strong Sell.”
• Manulife reported quarterly EPS of $0.79, slightly above estimates, and announced a quarterly dividend of $0.485 per share, representing a 4.6% annualized yield.

Corient Private Wealth LP bought a new stake in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 87,776 shares of the financial services provider's stock, valued at approximately $3,556,000.

Other institutional investors have also added to or reduced their stakes in the company. Basepoint Wealth LLC purchased a new position in Manulife Financial during the fourth quarter valued at $25,000. Addison Advisors LLC purchased a new stake in shares of Manulife Financial in the 2nd quarter worth about $25,000. First Bancorp Inc ME bought a new position in shares of Manulife Financial in the 2nd quarter worth about $26,000. Hantz Financial Services Inc. bought a new position in shares of Manulife Financial in the 4th quarter worth about $28,000. Finally, Canerector Inc. lifted its position in Manulife Financial by 27.0% during the 1st quarter. Canerector Inc. now owns 800,000 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 170,000 shares during the period. Institutional investors own 52.56% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a report on Friday, August 7th. Royal Bank Of Canada boosted their price target on Manulife Financial from $55.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. TD Securities restated a "buy" rating on shares of Manulife Financial in a research note on Thursday, August 6th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Manulife Financial in a research report on Friday, August 7th. Finally, Zacks Research cut Manulife Financial from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Manulife Financial presently has an average rating of "Buy" and an average target price of $59.00.

Manulife Financial Trading Down 0.5%

MFC stock opened at $42.18 on Wednesday. The stock's 50 day simple moving average is $42.80 and its 200 day simple moving average is $39.15. Manulife Financial Corp has a 12-month low of $30.20 and a 12-month high of $45.33. The stock has a market capitalization of $70.10 billion, a PE ratio of 15.74 and a beta of 0.84.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results 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 business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $7.28 billion. During the same quarter last year, the company earned $0.95 EPS. The company's quarterly revenue was up 7.3% compared to the same quarter last year. On average, research analysts predict that Manulife Financial Corp will post 3.03 earnings per share for the current year.

Manulife Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, August 21st will be paid 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 yield of 4.6%. Manulife Financial's payout ratio is currently 51.49%.

Manulife Financial Profile

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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