Invst LLC Increases Stake in Manulife Financial Corp $MFC

Key Points

• Invst LLC has increased its stake in Manulife Financial Corp by 60.0%, now owning 35,769 shares valued at approximately $1.11 million.
• Manulife Financial recently declared a quarterly dividend of $0.3199 per share, which is an increase from the previous quarter's dividend and represents a yield of 4.0%.
• Analysts have mixed views on Manulife Financial, with target prices ranging from $49.00 to $48.00, while the stock currently trades around $31.80.

Invst LLC increased its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 60.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,769 shares of the financial services provider's stock after buying an additional 13,417 shares during the period. Invst LLC's holdings in Manulife Financial were worth $1,114,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MFC. Goldman Sachs Group Inc. increased its stake in shares of Manulife Financial by 134.3% during the first quarter. Goldman Sachs Group Inc. now owns 8,444,479 shares of the financial services provider's stock valued at $263,046,000 after buying an additional 4,840,963 shares during the period. TD Asset Management Inc grew its stake in Manulife Financial by 6.6% in the first quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider's stock valued at $1,155,639,000 after purchasing an additional 2,289,205 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in Manulife Financial by 30.0% in the first quarter. Canada Pension Plan Investment Board now owns 9,653,897 shares of the financial services provider's stock valued at $300,860,000 after purchasing an additional 2,226,152 shares during the last quarter. Jupiter Asset Management Ltd. grew its stake in Manulife Financial by 871.5% in the first quarter. Jupiter Asset Management Ltd. now owns 2,023,966 shares of the financial services provider's stock valued at $63,057,000 after purchasing an additional 1,815,642 shares during the last quarter. Finally, 1832 Asset Management L.P. grew its stake in Manulife Financial by 7.3% in the first quarter. 1832 Asset Management L.P. now owns 24,425,465 shares of the financial services provider's stock valued at $760,853,000 after purchasing an additional 1,660,626 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

Manulife Financial Stock Performance

Shares of NYSE MFC opened at $31.80 on Friday. The company has a market cap of $53.89 billion, a PE ratio of 14.20, a P/E/G ratio of 1.03 and a beta of 0.99. The business has a 50-day simple moving average of $30.68 and a two-hundred day simple moving average of $30.63. Manulife Financial Corp has a fifty-two week low of $25.92 and a fifty-two week high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings results 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 business had revenue of $11.30 billion during the quarter. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.During the same period in the previous year, the company posted $0.91 earnings per share. On average, sell-side 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 declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th will be issued a $0.3199 dividend. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Wednesday, August 20th. Manulife Financial's dividend payout ratio is 56.70%.

Analyst Upgrades and Downgrades

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

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