Cubist Systematic Strategies LLC Purchases Shares of 155,896 Manulife Financial Corp $MFC

Key Points

• Cubist Systematic Strategies LLC invested approximately $4.85 million in Manulife Financial Corp, acquiring 155,896 shares in the first quarter.
• Manulife Financial recently announced a quarterly dividend increase to $0.3199 per share, reflecting an annualized dividend of $1.28 and a yield of 4.2%.
• Research analysts have given an average price target of $48.50 for Manulife Financial, with a current stock rating of "Moderate Buy."

Cubist Systematic Strategies LLC acquired a new position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 155,896 shares of the financial services provider's stock, valued at approximately $4,853,000.

Several other large investors also recently added to or reduced their stakes in the business. Graham Capital Management L.P. grew its holdings in shares of Manulife Financial by 49.0% during the 1st quarter. Graham Capital Management L.P. now owns 298,623 shares of the financial services provider's stock worth $9,302,000 after acquiring an additional 98,182 shares during the period. Ewing Morris & Co. Investment Partners Ltd. bought a new stake in shares of Manulife Financial during the first quarter valued at approximately $326,000. Baird Financial Group Inc. grew its holdings in Manulife Financial by 9.4% in the first quarter. Baird Financial Group Inc. now owns 76,537 shares of the financial services provider's stock worth $2,384,000 after purchasing an additional 6,557 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in Manulife Financial by 30.0% in the first quarter. Canada Pension Plan Investment Board now owns 9,653,897 shares of the financial services provider's stock valued at $300,860,000 after purchasing an additional 2,226,152 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of Manulife Financial during the 1st quarter worth $695,000. Institutional investors own 52.56% of the company's stock.

Manulife Financial Stock Performance

Shares of NYSE:MFC traded up $0.21 during midday trading on Tuesday, hitting $30.95. 332,258 shares of the stock were exchanged, compared to its average volume of 2,307,552. The business's 50-day moving average price is $30.71 and its 200 day moving average price is $30.61. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $33.07. The stock has a market capitalization of $52.56 billion, a price-to-earnings ratio of 13.80, a P/E/G ratio of 1.02 and a beta of 0.99.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 last year, the firm earned $0.91 EPS. As a group, sell-side analysts expect that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th will be paid a dividend of $0.3199 per share. This represents a $1.28 annualized dividend and a dividend yield of 4.1%. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Wednesday, August 20th. Manulife Financial's payout ratio is presently 56.70%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MFC. Royal Bank Of Canada dropped their price target on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Morgan Stanley set a $48.00 target price on shares of Manulife Financial in a research report on Monday, August 18th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $48.50.

Manulife Financial Company Profile

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.