Korea Investment CORP Boosts Holdings in Manulife Financial Corp $MFC

Key Points

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Korea Investment CORP lifted its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 11.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,630,836 shares of the financial services provider's stock after purchasing an additional 166,592 shares during the period. Korea Investment CORP owned about 0.10% of Manulife Financial worth $50,809,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rossby Financial LCC bought a new position in shares of Manulife Financial during the 1st quarter valued at $243,000. Mackenzie Financial Corp grew its holdings in shares of Manulife Financial by 0.9% during the 4th quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider's stock valued at $755,367,000 after purchasing an additional 230,105 shares during the last quarter. Affinity Wealth Management LLC bought a new position in shares of Manulife Financial during the 1st quarter valued at $3,934,000. Intact Investment Management Inc. grew its holdings in shares of Manulife Financial by 17.2% during the 1st quarter. Intact Investment Management Inc. now owns 2,527,925 shares of the financial services provider's stock valued at $78,780,000 after purchasing an additional 370,570 shares during the last quarter. Finally, Asahi Life Asset Management CO. LTD. bought a new position in shares of Manulife Financial during the 1st quarter valued at $431,000. Institutional investors own 52.56% of the company's stock.

Manulife Financial Price Performance

MFC traded up $0.6650 during trading on Friday, hitting $30.7250. 1,586,158 shares of the stock traded hands, compared to its average volume of 2,601,139. The firm has a market capitalization of $52.19 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 1.03 and a beta of 1.01. The firm has a 50-day moving average of $30.87 and a 200 day moving average of $30.57. 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 announced 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). 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 for the quarter. During the same period in the prior year, the firm earned $0.91 earnings per share. As a group, equities analysts predict that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th will be given a $0.3199 dividend. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $1.28 annualized dividend and a dividend yield of 4.2%. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio is 56.70%.

Analysts Set New Price Targets

Several research firms recently commented on MFC. Royal Bank Of Canada reduced their target price 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 target on shares of Manulife Financial in a research report on Monday, August 18th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target 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.