Walleye Capital LLC Buys 12,701 Shares of Manulife Financial Corp $MFC

Key Points

• Walleye Capital LLC has increased its stake in Manulife Financial Corp by 118.7%, now holding 23,401 shares valued at approximately $729,000.
• Institutional investors own 52.56% of Manulife Financial, with notable increases in holdings from TD Asset Management, Jupiter Asset Management, and Bessemer Group in the recent quarter.
• Manulife Financial recently declared a quarterly dividend of $0.3199 per share, reflecting a yield of 4.2%, an increase from its previous quarterly dividend.

Walleye Capital LLC grew its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 118.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 23,401 shares of the financial services provider's stock after buying an additional 12,701 shares during the quarter. Walleye Capital LLC's holdings in Manulife Financial were worth $729,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the stock. Brighton Jones LLC raised its position in shares of Manulife Financial by 33.9% during the 4th quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider's stock valued at $288,000 after acquiring an additional 2,376 shares during the last quarter. Beacon Pointe Advisors LLC bought a new stake in shares of Manulife Financial during the 4th quarter valued at $216,000. Northern Trust Corp raised its position in shares of Manulife Financial by 25.2% during the 4th quarter. Northern Trust Corp now owns 2,089,929 shares of the financial services provider's stock valued at $64,182,000 after acquiring an additional 420,722 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in Manulife Financial by 12.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 35,996 shares of the financial services provider's stock worth $1,105,000 after buying an additional 4,112 shares during the last quarter. Finally, Ancora Advisors LLC increased its position in shares of Manulife Financial by 34.7% in the 4th quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock valued at $60,000 after buying an additional 500 shares in the last quarter. Institutional investors own 52.56% of the company's stock.

Wall Street Analyst Weigh In

MFC has been the topic of a number of recent research reports. Morgan Stanley set a $48.00 target price on Manulife Financial in a research report on Monday, August 18th. Royal Bank Of Canada decreased their price objective on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $48.50.

Manulife Financial Price Performance

Shares of NYSE:MFC traded down $0.35 during midday trading on Friday, hitting $30.56. 382,281 shares of the company's stock were exchanged, compared to its average volume of 2,309,837. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $33.07. The stock has a 50 day moving average price of $30.76 and a 200-day moving average price of $30.61. The company has a market cap of $51.91 billion, a PE ratio of 13.66, a price-to-earnings-growth ratio of 1.02 and a beta of 0.99.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share 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 company had revenue of $11.30 billion for the quarter. During the same period in the prior year, the company earned $0.91 earnings per share. On average, analysts anticipate 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 paid a $0.3199 dividend. The ex-dividend date is Wednesday, August 20th. This represents a $1.28 annualized dividend and a yield of 4.2%. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio is currently 56.70%.

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.