Gulf International Bank UK Ltd Purchases 95,000 Shares of Manulife Financial Corp (NYSE:MFC)

Key Points

• Gulf International Bank UK Ltd increased its holdings in Manulife Financial Corp by a significant 2,604.9%, acquiring an additional 95,000 shares to reach a total of 98,647 shares valued at over $3 million.
• Manulife Financial reported quarterly earnings of $0.69 per share, which fell short of analyst expectations of $0.71, with revenues totaling $11.3 billion.
• The company declared a quarterly dividend of $0.3199 per share, reflecting a slight increase from its previous dividend and resulting in a yield of 4.2%.

Gulf International Bank UK Ltd boosted its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 2,604.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 98,647 shares of the financial services provider's stock after acquiring an additional 95,000 shares during the quarter. Gulf International Bank UK Ltd's holdings in Manulife Financial were worth $3,073,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. TD Asset Management Inc boosted its position in Manulife Financial by 6.6% during the first quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider's stock worth $1,155,639,000 after purchasing an additional 2,289,205 shares during the period. Canada Pension Plan Investment Board boosted its position in Manulife Financial by 42.1% during the fourth quarter. Canada Pension Plan Investment Board now owns 7,427,745 shares of the financial services provider's stock worth $227,895,000 after purchasing an additional 2,200,000 shares during the period. Jupiter Asset Management Ltd. boosted its position in Manulife Financial by 871.5% during the first quarter. Jupiter Asset Management Ltd. now owns 2,023,966 shares of the financial services provider's stock worth $63,057,000 after purchasing an additional 1,815,642 shares during the period. Nuveen LLC bought a new position in Manulife Financial during the first quarter worth $43,445,000. Finally, Bessemer Group Inc. boosted its position in Manulife Financial by 1,113.7% during the first quarter. Bessemer Group Inc. now owns 1,086,145 shares of the financial services provider's stock worth $33,878,000 after purchasing an additional 996,656 shares during the period. 52.56% of the stock is owned by institutional investors.

Manulife Financial Price Performance

MFC stock opened at $30.49 on Thursday. The stock has a market capitalization of $51.79 billion, a price-to-earnings ratio of 13.61, a PEG ratio of 1.03 and a beta of 1.01. The business's fifty day moving average price is $31.09 and its two-hundred day moving average price is $30.54. Manulife Financial Corp has a fifty-two week low of $25.45 and a fifty-two week 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 the consensus estimate of $0.71 by ($0.02). The firm 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. Research analysts expect that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th will be given a dividend of $0.3199 per share. This represents a $1.28 annualized dividend and a yield of 4.2%. The ex-dividend date is Wednesday, August 20th. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio (DPR) is 57.14%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MFC. Royal Bank Of Canada reduced their price objective on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Morgan Stanley set a $46.00 price objective on shares of Manulife Financial in a research report on Monday, May 19th.

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.

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