JPMorgan Chase & Co. Boosts Stake in Manulife Financial Corp (NYSE:MFC)

Key Points

• JPMorgan Chase increased its stake in Manulife Financial Corp by 5.8%, owning 9,501,434 shares valued at approximately $295.97 million as of its latest filing.
• Manulife Financial reported earnings per share (EPS) of $0.69 for the quarter, missing estimates by $0.02, with a revenue of $11.30 billion.
• The company declared its latest quarterly dividend of $0.3199 per share, slightly up from its previous dividend, representing a 4.2% yield.

JPMorgan Chase & Co. lifted its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 5.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,501,434 shares of the financial services provider's stock after purchasing an additional 521,451 shares during the quarter. JPMorgan Chase & Co. owned 0.55% of Manulife Financial worth $295,970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of MFC. Brighton Jones LLC raised its stake in shares of Manulife Financial by 33.9% in the fourth quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider's stock worth $288,000 after purchasing an additional 2,376 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Manulife Financial in the fourth quarter worth $2,256,000. Raymond James Financial Inc. purchased a new position in shares of Manulife Financial in the fourth quarter worth $16,213,000. Rockefeller Capital Management L.P. purchased a new position in shares of Manulife Financial in the fourth quarter worth $372,000. Finally, Sagespring Wealth Partners LLC purchased a new position in shares of Manulife Financial in the fourth quarter worth $238,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

Manulife Financial Stock Performance

Manulife Financial stock opened at $30.15 on Wednesday. The stock has a market cap of $51.20 billion, a PE ratio of 13.46, a price-to-earnings-growth ratio of 1.02 and a beta of 1.01. Manulife Financial Corp has a one year low of $25.09 and a one year high of $33.07. The stock has a fifty day moving average of $31.12 and a 200 day moving average of $30.54.

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

Manulife Financial Increases Dividend

The business 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 dividend of $0.3199 per share. 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 4.2%. The ex-dividend date of this dividend is Wednesday, August 20th. Manulife Financial's dividend payout ratio is presently 56.70%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Royal Bank Of Canada reduced their price objective on 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 Manulife Financial in a research report on Monday, May 19th.

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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