Mackenzie Financial Corp Boosts Stock Holdings in Manulife Financial Corp (NYSE:MFC)

Key Points

• Mackenzie Financial Corp has increased its shares in Manulife Financial Corp by 0.2% during the first quarter, now owning a total of 24,669,585 shares, which accounts for about 1.1% of its portfolio.
• Manulife Financial recently increased its quarterly dividend to $0.3194 per share, representing a 4.08% dividend yield and a boost from the previous dividend of $0.31.
• Morgan Stanley has set a price target of $46.00 for Manulife Financial, reflecting analyst interest and outlook on the company's performance.

Mackenzie Financial Corp lifted its stake in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 0.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,669,585 shares of the financial services provider's stock after purchasing an additional 55,169 shares during the period. Manulife Financial accounts for about 1.1% of Mackenzie Financial Corp's investment portfolio, making the stock its 18th biggest holding. Mackenzie Financial Corp owned about 1.44% of Manulife Financial worth $768,664,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in MFC. JCIC Asset Management Inc. boosted its position in shares of Manulife Financial by 5.6% in the 1st quarter. JCIC Asset Management Inc. now owns 6,749 shares of the financial services provider's stock worth $210,000 after purchasing an additional 360 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in Manulife Financial by 3.0% in the first quarter. Pacer Advisors Inc. now owns 15,405 shares of the financial services provider's stock worth $480,000 after acquiring an additional 444 shares in the last quarter. Napatree Capital LLC grew its stake in shares of Manulife Financial by 4.7% in the first quarter. Napatree Capital LLC now owns 10,279 shares of the financial services provider's stock worth $320,000 after acquiring an additional 465 shares during the last quarter. Ancora Advisors LLC increased its holdings in shares of Manulife Financial by 34.7% during the fourth quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock valued at $60,000 after acquiring an additional 500 shares in the last quarter. Finally, Private Advisor Group LLC raised its position in shares of Manulife Financial by 0.8% in the 1st quarter. Private Advisor Group LLC now owns 70,063 shares of the financial services provider's stock worth $2,182,000 after purchasing an additional 547 shares during the last quarter. Institutional investors own 52.56% of the company's stock.

Manulife Financial Stock Up 0.7%

NYSE:MFC traded up $0.22 during mid-day trading on Thursday, hitting $30.92. 911,549 shares of the company traded hands, compared to its average volume of 2,286,846. The stock's fifty day moving average price is $31.31 and its 200-day moving average price is $30.54. The firm has a market cap of $52.67 billion, a price-to-earnings ratio of 16.18, a price-to-earnings-growth ratio of 1.06 and a beta of 0.99. Manulife Financial Corp has a one year low of $23.30 and a one year high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.01). Manulife Financial had a net margin of 9.58% and a return on equity of 15.84%. The company had revenue of $1.49 billion for the quarter. During the same period in the previous year, the business posted $0.94 EPS. Equities analysts predict that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st were issued a dividend of $0.3194 per share. The ex-dividend date was Wednesday, May 21st. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a yield of 4.13%. Manulife Financial's dividend payout ratio (DPR) is currently 66.49%.

Analyst Ratings Changes

Separately, Morgan Stanley set a $46.00 price objective on shares of Manulife Financial in a research report on Monday, May 19th.

About Manulife Financial

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.