Empowered Funds LLC Invests $882,000 in Manulife Financial Corp $MFC

Key Points

• Empowered Funds LLC acquired 25,609 Manulife Financial shares worth approximately $882,000 during the first quarter. Institutional investors and hedge funds collectively own 52.56% of the company.
• Manulife reported quarterly EPS of $0.79, narrowly beating estimates, while revenue rose 7.3% year over year. Shares opened at $44.34, near their 52-week high of $45.33.
• The company declared a quarterly dividend of $0.485 per share, representing an annualized yield of 4.4%. Analysts maintain a consensus “Buy” rating with a $59 price target, although ratings range from “Strong Buy” to “Strong Sell.”

Empowered Funds LLC acquired a new stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 25,609 shares of the financial services provider's stock, valued at approximately $882,000.

Several other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in Manulife Financial in the 4th quarter worth $777,229,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Manulife Financial by 183.7% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider's stock valued at $402,969,000 after purchasing an additional 7,577,711 shares during the last quarter. MUFG Securities EMEA plc grew its stake in Manulife Financial by 814.3% during the 2nd quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider's stock valued at $204,544,000 after purchasing an additional 5,699,999 shares during the last quarter. Man Group plc increased its holdings in shares of Manulife Financial by 194.9% in the fourth quarter. Man Group plc now owns 6,205,598 shares of the financial services provider's stock valued at $225,597,000 after purchasing an additional 4,101,390 shares during the period. Finally, Janus Henderson Group PLC raised its stake in shares of Manulife Financial by 1,975.2% in the fourth quarter. Janus Henderson Group PLC now owns 4,045,488 shares of the financial services provider's stock worth $147,312,000 after purchasing an additional 3,850,547 shares during the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Stock Up 0.0%

Shares of MFC opened at $44.34 on Monday. The company has a market capitalization of $73.69 billion, a price-to-earnings ratio of 16.54 and a beta of 0.84. Manulife Financial Corp has a 52 week low of $29.70 and a 52 week high of $45.33. The stock's 50-day moving average price is $41.52 and its 200-day moving average price is $38.47.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.01. The company 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%.Manulife Financial's quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the business earned $0.95 earnings per share. As a group, equities analysts anticipate that Manulife Financial Corp will post 3.03 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, August 21st will be paid a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.4%. Manulife Financial's dividend payout ratio (DPR) is presently 53.36%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. TD Securities reaffirmed a "buy" rating on shares of Manulife Financial in a report on Thursday. Royal Bank Of Canada increased their price target on shares of Manulife Financial from $55.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday. Weiss Ratings raised shares of Manulife Financial from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday. Zacks Research cut shares of Manulife Financial from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 15th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Manulife Financial in a research note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Manulife Financial presently has an average rating of "Buy" and a consensus price target of $59.00.

About Manulife Financial

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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