Manulife Financial Corp $MFC Shares Purchased by Sienna Gestion

Key Points

• Sienna Gestion boosted its stake in Manulife by 233.6% in Q3 to 556,239 shares (an additional 389,500), worth $15.804 million and making MFC 1.1% of its portfolio (its 17th largest position).
• Manulife raised its quarterly dividend to $0.485 (up from $0.44), equivalent to an annualized $1.94 and a yield of about 5.8%, with an ex-dividend date of Feb 25 and payment on Mar 19.
• Analysts have an average rating of "Buy" on MFC with a $51.50 average price target; the company reported quarterly EPS of $0.80 (beating estimates) and has a market cap of roughly $56.4 billion.

Sienna Gestion raised its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 233.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 556,239 shares of the financial services provider's stock after buying an additional 389,500 shares during the period. Manulife Financial comprises 1.1% of Sienna Gestion's investment portfolio, making the stock its 17th largest position. Sienna Gestion's holdings in Manulife Financial were worth $15,804,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of MFC. Root Financial Partners LLC purchased a new position in shares of Manulife Financial in the 3rd quarter valued at $25,000. Caldwell Trust Co purchased a new stake in Manulife Financial during the 2nd quarter worth $27,000. American Wealth Advisors LLC acquired a new stake in Manulife Financial in the 3rd quarter valued at $36,000. Winnow Wealth LLC acquired a new stake in Manulife Financial in the 2nd quarter valued at $38,000. Finally, Goodman Advisory Group LLC purchased a new position in Manulife Financial in the second quarter valued at about $39,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on MFC shares. Canadian Imperial Bank of Commerce upgraded Manulife Financial from a "neutral" rating to an "outperform" rating in a research note on Thursday, January 8th. Weiss Ratings lowered Manulife Financial from a "buy (a-)" rating to a "buy (b)" rating in a research report on Friday, February 13th. Morgan Stanley set a $51.00 price target on Manulife Financial in a report on Monday, December 15th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Manulife Financial in a research report on Friday, November 14th. Finally, Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a research note on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $51.50.

Manulife Financial Stock Performance

Shares of NYSE MFC opened at $33.65 on Monday. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $38.72. The stock's 50-day simple moving average is $36.75 and its 200-day simple moving average is $34.29. The firm has a market cap of $56.42 billion, a price-to-earnings ratio of 15.16 and a beta of 0.83.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.04. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.The firm had revenue of $11.32 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter in the prior year, the business posted $1.03 earnings per share. As a group, research analysts predict that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Wednesday, February 25th will be given a dividend of $0.485 per share. The ex-dividend date of this dividend is Wednesday, February 25th. This is an increase from Manulife Financial's previous quarterly dividend of $0.44. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.8%. Manulife Financial's dividend payout ratio is 63.96%.

Manulife Financial Company 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.

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