Forsta AP Fonden Buys 57,100 Shares of Manulife Financial Corp (NYSE:MFC)

Key Points

• Forsta AP Fonden has increased its stake in Manulife Financial Corp by 10.6%, now holding 594,500 shares valued at $18.5 million.
• Manulife Financial recently increased its quarterly dividend to $0.3199, reflecting a 4.3% yield, with a payout ratio of 67.02%.
• The company's recent earnings report showed an EPS of $0.69, missing expectations, while revenue was reported at $11.30 billion.

Forsta AP Fonden boosted its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 10.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 594,500 shares of the financial services provider's stock after purchasing an additional 57,100 shares during the period. Forsta AP Fonden's holdings in Manulife Financial were worth $18,522,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Manulife Financial by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 74,333,649 shares of the financial services provider's stock valued at $2,316,162,000 after purchasing an additional 369,638 shares in the last quarter. TD Asset Management Inc lifted its position in shares of Manulife Financial by 6.6% during the 1st quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider's stock worth $1,155,639,000 after buying an additional 2,289,205 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of Manulife Financial by 0.9% during the 4th quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider's stock worth $755,367,000 after buying an additional 230,105 shares during the last quarter. Toronto Dominion Bank grew its stake in shares of Manulife Financial by 4.1% during the fourth quarter. Toronto Dominion Bank now owns 22,812,909 shares of the financial services provider's stock worth $699,948,000 after buying an additional 902,466 shares during the last quarter. Finally, Bank of Nova Scotia grew its stake in shares of Manulife Financial by 7.2% during the first quarter. Bank of Nova Scotia now owns 13,990,810 shares of the financial services provider's stock worth $436,007,000 after buying an additional 937,794 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on MFC shares. 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 note on Friday, August 8th. Morgan Stanley set a $46.00 target price on shares of Manulife Financial in a report on Monday, May 19th.

Manulife Financial Stock Up 1.1%

MFC stock traded up $0.33 during trading on Wednesday, reaching $30.48. The stock had a trading volume of 632,690 shares, compared to its average volume of 2,278,843. Manulife Financial Corp has a one year low of $25.45 and a one year high of $33.07. The company's 50 day moving average is $31.12 and its two-hundred day moving average is $30.54. The company has a market capitalization of $51.76 billion, a price-to-earnings ratio of 13.61, a P/E/G ratio of 1.02 and a beta of 1.01.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings data 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). Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%. The firm had revenue of $11.30 billion during the quarter. During the same period last year, the firm earned $0.91 earnings per share. As a group, research analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

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

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.