Envestnet Asset Management Inc. Purchases 130,117 Shares of Manulife Financial Corp $MFC

Key Points

• Envestnet Asset Management increased its Manulife Financial position by 18.8% in the second quarter, adding 130,117 shares for a total holding of 823,462 shares valued at $33.36 million.
• Manulife reported quarterly EPS of $0.79, slightly exceeding estimates, while revenue rose 7.3% year over year. The company also paid a quarterly dividend of C$0.48, equivalent to an annualized yield of approximately 4.5%.
• Analysts maintain a broadly positive outlook, with a consensus “Buy” rating and a $59 price target, compared with the stock’s reported price of $43.49.

Envestnet Asset Management Inc. increased its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 18.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 823,462 shares of the financial services provider's stock after purchasing an additional 130,117 shares during the period. Envestnet Asset Management Inc.'s holdings in Manulife Financial were worth $33,358,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. TD Asset Management Inc raised its holdings in Manulife Financial by 1.4% during the fourth quarter. TD Asset Management Inc now owns 38,181,297 shares of the financial services provider's stock worth $1,388,259,000 after buying an additional 542,834 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Manulife Financial by 14.6% during the 4th quarter. CIBC Asset Management Inc now owns 16,885,459 shares of the financial services provider's stock worth $616,479,000 after purchasing an additional 2,145,099 shares in the last quarter. TD Waterhouse Canada Inc. raised its stake in shares of Manulife Financial by 0.5% in the second quarter. TD Waterhouse Canada Inc. now owns 16,757,547 shares of the financial services provider's stock worth $683,609,000 after purchasing an additional 81,973 shares during the last quarter. Bank of Nova Scotia purchased a new stake in shares of Manulife Financial in the second quarter worth approximately $594,832,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Manulife Financial in the second quarter valued at approximately $495,841,000. Institutional investors and hedge funds own 52.56% of the company's stock.

Manulife Financial Stock Performance

MFC opened at $43.49 on Tuesday. Manulife Financial Corp has a fifty-two week low of $30.75 and a fifty-two week high of $45.33. The firm has a 50-day moving average of $43.72 and a 200 day moving average of $40.27. The firm has a market cap of $72.16 billion, a P/E ratio of 16.23 and a beta of 0.83.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.78 by $0.01. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $7.28 billion. During the same quarter in the previous year, the firm posted $0.95 earnings per share. The company's revenue for the quarter was up 7.3% on a year-over-year basis. Equities research analysts predict that Manulife Financial Corp will post 3 earnings per share for the current fiscal year.

Manulife Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Friday, August 21st were paid a C$0.48 dividend. The ex-dividend date was Friday, August 21st. This represents a $1.94 annualized dividend and a yield of 4.5%. Manulife Financial's dividend payout ratio is presently 51.49%.

Analyst Ratings Changes

MFC has been the topic of several analyst reports. Royal Bank Of Canada lifted their target price on Manulife Financial from $55.00 to $67.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. BMO Capital Markets reissued an "outperform" rating on shares of Manulife Financial in a research report on Friday, August 7th. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a research note on Friday, August 7th. Zacks Research raised shares of Manulife Financial from a "strong sell" rating to a "hold" rating in a report on Wednesday, September 2nd. Finally, TD Securities reaffirmed a "buy" rating on shares of Manulife Financial in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $59.00.

Manulife Financial Company Profile

Manulife Financial Corporation is a Canadian financial services company that provides insurance, wealth and asset management, retirement solutions and employee benefits. Its offerings include life and health insurance, annuities, group benefits, mutual funds, pension products and investment management services for individuals, businesses and institutional clients.

Founded in 1887 as The Manufacturers Life Insurance Company, Manulife has grown into an international organization serving customers primarily in Canada, the United States and Asia.

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