Manulife Financial Corp $MFC Shares Bought by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management Inc. has increased its stake in Manulife Financial Corp by 2.9%, now holding 496,570 shares valued at approximately $15.84 million.
• Manulife Financial's latest earnings report revealed a missed earnings per share estimate of $0.69, below the expected $0.71, with a reported revenue of $11.3 billion for the quarter.
• The company recently raised its quarterly dividend to $0.3199 per share, resulting in an annualized yield of 4.0% despite a payout ratio of 56.70%.

Cidel Asset Management Inc. grew its stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 2.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 496,570 shares of the financial services provider's stock after acquiring an additional 14,088 shares during the period. Cidel Asset Management Inc.'s holdings in Manulife Financial were worth $15,845,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MFC. Brighton Jones LLC raised its stake in Manulife Financial by 33.9% during the fourth quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider's stock worth $288,000 after acquiring an additional 2,376 shares during the period. Johnson Investment Counsel Inc. raised its position in shares of Manulife Financial by 5.7% during the 1st quarter. Johnson Investment Counsel Inc. now owns 51,066 shares of the financial services provider's stock worth $1,591,000 after buying an additional 2,735 shares in the last quarter. Riverbridge Partners LLC bought a new stake in shares of Manulife Financial in the 1st quarter worth approximately $220,000. Intact Investment Management Inc. raised its holdings in shares of Manulife Financial by 17.2% in the 1st quarter. Intact Investment Management Inc. now owns 2,527,925 shares of the financial services provider's stock worth $78,780,000 after purchasing an additional 370,570 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in shares of Manulife Financial by 4.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 118,128 shares of the financial services provider's stock worth $3,680,000 after purchasing an additional 4,632 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company's stock.

Manulife Financial Price Performance

Shares of Manulife Financial stock opened at $31.65 on Friday. The company's fifty day moving average price is $31.11 and its two-hundred day moving average price is $30.86. Manulife Financial Corp has a 52-week low of $25.92 and a 52-week high of $33.07. The firm has a market capitalization of $53.63 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.10 and a beta of 0.98.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its 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 return on equity of 15.77% and a net margin of 10.46%.The firm had revenue of $11.30 billion during the quarter. During the same quarter last year, the firm posted $0.91 earnings per share. Analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th were issued a dividend of $0.3199 per share. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $1.28 dividend on an annualized basis and a yield of 4.0%. This is an increase from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's payout ratio is currently 56.70%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Royal Bank Of Canada dropped their target price on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Weiss Ratings reissued a "buy (a-)" rating on shares of Manulife Financial in a research report on Wednesday, October 8th. Morgan Stanley set a $47.00 target price on shares of Manulife Financial in a research report on Tuesday, October 7th. Finally, UBS Group began coverage on shares of Manulife Financial in a research note on Thursday. They issued a "buy" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $48.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.