Manulife Financial Corp $MFC Holdings Boosted by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. increased its stake in Manulife Financial Corp by 134.3%, acquiring an additional 4,840,963 shares, bringing its total ownership to 8,444,479 shares valued at approximately $263 million.
• Analysts have set a consensus rating of "Buy" for Manulife Financial, with an average target price of $48.50.
• Manulife Financial recently announced an increase in its quarterly dividend to $0.3199 per share, resulting in an annualized yield of 4.1%.

Goldman Sachs Group Inc. grew its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 134.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,444,479 shares of the financial services provider's stock after purchasing an additional 4,840,963 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.49% of Manulife Financial worth $263,046,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Lazard Asset Management LLC acquired a new stake in shares of Manulife Financial during the 4th quarter worth $35,000. William B. Walkup & Associates Inc. acquired a new stake in Manulife Financial during the first quarter worth about $43,000. NBC Securities Inc. increased its stake in Manulife Financial by 178,700.0% during the first quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock worth $55,000 after acquiring an additional 1,787 shares during the last quarter. Opal Wealth Advisors LLC acquired a new stake in Manulife Financial during the first quarter worth about $59,000. Finally, Alpine Bank Wealth Management acquired a new stake in Manulife Financial during the first quarter worth about $71,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

Manulife Financial Trading Up 0.3%

NYSE:MFC traded up $0.10 on Friday, reaching $31.89. The stock had a trading volume of 1,038,523 shares, compared to its average volume of 2,193,705. The company has a 50-day moving average of $30.68 and a 200 day moving average of $30.64. The stock has a market cap of $54.04 billion, a P/E ratio of 14.24, a price-to-earnings-growth ratio of 1.06 and a beta of 0.99. Manulife Financial Corp has a 12-month low of $25.92 and a 12-month high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing analysts' consensus estimates of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The firm had revenue of $11.30 billion during the quarter. During the same period in the prior year, the firm posted $0.91 earnings per share. On average, equities analysts predict that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th will be given a dividend of $0.3199 per share. The ex-dividend date of this dividend is Wednesday, August 20th. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a dividend yield of 4.0%. Manulife Financial's dividend payout ratio is 56.70%.

Wall Street Analyst Weigh In

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

Manulife Financial 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.