Manulife Financial Corp $MFC Shares Purchased by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in Manulife Financial Corp by 6.5%, owning approximately 2.2 million shares valued at $69.3 million.
• Manulife Financial reported earnings per share of $0.69, which missed analysts' expectations of $0.71, while also announcing a quarterly dividend of $0.3199 per share.
• The company's stock has seen a 2.1% decline recently, with a current price around $30.09 and a market capitalization of $51.1 billion.

Northern Trust Corp boosted its stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 6.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,225,406 shares of the financial services provider's stock after acquiring an additional 135,477 shares during the quarter. Northern Trust Corp owned 0.13% of Manulife Financial worth $69,321,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MFC. Lazard Asset Management LLC purchased a new position in Manulife Financial during the fourth quarter valued at approximately $35,000. William B. Walkup & Associates Inc. purchased a new position in Manulife Financial during the first quarter valued at approximately $43,000. NBC Securities Inc. raised its position in Manulife Financial by 178,700.0% during the first quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock valued at $55,000 after acquiring an additional 1,787 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in Manulife Financial during the first quarter valued at approximately $59,000. Finally, Ancora Advisors LLC raised its position in 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. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Stock Up 0.4%

Shares of Manulife Financial stock traded up $0.12 during mid-day trading on Friday, reaching $30.79. 1,235,635 shares of the stock traded hands, compared to its average volume of 2,333,495. The business has a 50-day moving average of $30.83 and a 200 day moving average of $30.57. Manulife Financial Corp has a fifty-two week low of $25.92 and a fifty-two week high of $33.07. The stock has a market capitalization of $52.29 billion, a PE ratio of 13.74, a PEG ratio of 1.01 and a beta of 1.01.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 EPS for the quarter, missing analysts' consensus estimates 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. On average, equities research analysts expect that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Wednesday, August 20th. This is an increase from Manulife Financial's previous quarterly dividend of $0.32. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.2%. Manulife Financial's payout ratio is currently 56.70%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MFC shares. Royal Bank Of Canada reduced their price target on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Morgan Stanley set a $48.00 price target on Manulife Financial in a report on Monday, August 18th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $48.50.

Manulife Financial Company 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.