Lazard Asset Management LLC Increases Stock Holdings in Manulife Financial Corp $MFC

Key Points

• Lazard Asset Management increased its Manulife Financial stake by 2,001.4% in the first quarter, adding 512,083 shares to own 537,669 shares valued at approximately $18.5 million. Institutional investors collectively hold 52.56% of the company.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $51.50, despite ratings downgrades from Weiss Ratings and Zacks Research.
• Manulife shares opened at $43.93, near their 52-week high of $44.68. The company pays a quarterly dividend of $0.485 per share, equivalent to an annualized $1.94 dividend and a 4.4% yield.

Lazard Asset Management LLC grew its stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 2,001.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 537,669 shares of the financial services provider's stock after purchasing an additional 512,083 shares during the quarter. Lazard Asset Management LLC's holdings in Manulife Financial were worth $18,525,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Basepoint Wealth LLC acquired a new stake in Manulife Financial during the 4th quarter worth $25,000. Hantz Financial Services Inc. acquired a new stake in shares of Manulife Financial during the fourth quarter worth about $28,000. Canerector Inc. lifted its holdings in shares of Manulife Financial by 27.0% in the 1st quarter. Canerector Inc. now owns 800,000 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 170,000 shares during the last quarter. Sfam LLC acquired a new stake in shares of Manulife Financial in the 4th quarter valued at about $28,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in Manulife Financial during the 1st quarter worth approximately $29,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MFC shares. Weiss Ratings cut Manulife Financial from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, July 21st. Zacks Research lowered shares of Manulife Financial from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 15th. TD Securities reiterated a "buy" rating on shares of Manulife Financial in a research report on Thursday, May 14th. Finally, Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $51.50.

Manulife Financial Stock Down 1.6%

MFC opened at $43.93 on Thursday. The business has a 50 day moving average price of $40.68 and a two-hundred day moving average price of $38.11. The company has a market cap of $73.00 billion, a PE ratio of 17.43 and a beta of 0.84. Manulife Financial Corp has a 52 week low of $29.70 and a 52 week high of $44.68.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings data on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share for the quarter, missing analysts' consensus estimates of $0.79 by ($0.02). The company had revenue of $8.89 billion for the quarter, compared to analyst estimates of $2.32 billion. Manulife Financial had a return on equity of 16.58% and a net margin of 10.19%.During the same period in the previous year, the business posted $0.99 earnings per share. As a group, sell-side analysts expect that Manulife Financial Corp will post 3.03 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, May 29th were given a dividend of $0.485 per share. The ex-dividend date was Friday, May 29th. This represents a $1.94 dividend on an annualized basis and a yield of 4.4%. Manulife Financial's dividend payout ratio is presently 56.75%.

Manulife Financial Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

Want to see what other hedge funds are holding MFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.