Hilltop National Bank Invests $724,000 in Manulife Financial Corp $MFC

Key Points

• Hilltop National Bank has invested approximately $724,000 in Manulife Financial Corp, acquiring 22,653 shares during the second quarter.
• The firm recently reported a missed earnings estimate of $0.69 EPS for the quarter, which was below the consensus estimate of $0.71.
• Manulife announced an increase in its quarterly dividend to $0.3199, resulting in an annualized yield of 4.1%.

Hilltop National Bank bought a new position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 22,653 shares of the financial services provider's stock, valued at approximately $724,000.

Other large investors have also made changes to their positions in the company. Rossby Financial LCC bought a new stake in shares of Manulife Financial in the 1st quarter worth about $243,000. Affinity Wealth Management LLC bought a new stake in shares of Manulife Financial in the 1st quarter worth about $3,934,000. Value Partners Investments Inc. grew its holdings in shares of Manulife Financial by 16,609.6% in the 2nd quarter. Value Partners Investments Inc. now owns 1,519,407 shares of the financial services provider's stock worth $48,490,000 after purchasing an additional 1,510,314 shares during the last quarter. Intact Investment Management Inc. grew its holdings in shares of Manulife Financial by 17.2% in the 1st quarter. Intact Investment Management Inc. now owns 2,527,925 shares of the financial services provider's stock worth $78,780,000 after purchasing an additional 370,570 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Manulife Financial by 5.8% during the 1st quarter. JPMorgan Chase & Co. now owns 9,501,434 shares of the financial services provider's stock worth $295,970,000 after acquiring an additional 521,451 shares during the last quarter. Institutional investors own 52.56% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on MFC shares. Royal Bank Of Canada decreased their price objective on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Morgan Stanley set a $48.00 price objective on shares of Manulife Financial in a report on Monday, August 18th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Manulife Financial currently has an average rating of "Buy" and an average target price of $48.50.

Manulife Financial Trading Down 0.2%

Shares of NYSE MFC opened at $31.40 on Friday. The firm has a market capitalization of $53.21 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 1.05 and a beta of 0.98. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $33.07. The firm's 50-day moving average is $30.85 and its 200-day moving average is $30.79.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.02). The business had revenue of $11.30 billion during the quarter. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. During the same quarter in the previous year, the business earned $0.91 earnings per share. As a group, equities research analysts anticipate 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 was paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th were paid a $0.3199 dividend. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $1.28 annualized dividend and a dividend yield of 4.1%. Manulife Financial's payout ratio is 56.70%.

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.

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