Manulife Financial Corp $MFC Stake Raised by Canerector Inc.

Key Points

• Canerector Inc. boosted its Manulife Financial stake by 27% in the first quarter, buying 170,000 more shares and bringing its total to 800,000 shares. The position was valued at about $28,000 and ranked as Canerector’s 4th largest holding.
• Manulife shares have been strong recently, opening at $43.64 and trading near their 52-week high of $43.81. The stock has a market cap of $72.53 billion and a dividend yield of 4.4%.
• Analysts remain moderately bullish despite mixed views, with a consensus rating of “Moderate Buy” and an average target price of $51.50. TD Securities and Scotiabank reiterated positive ratings, while Zacks Research cut its view to “strong sell.”

Canerector Inc. raised its stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 27.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 800,000 shares of the financial services provider's stock after buying an additional 170,000 shares during the quarter. Manulife Financial comprises about 0.1% of Canerector Inc.'s investment portfolio, making the stock its 4th biggest position. Canerector Inc.'s holdings in Manulife Financial were worth $28,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the stock. Hoge Financial Services LLC lifted its position in shares of Manulife Financial by 0.9% in the fourth quarter. Hoge Financial Services LLC now owns 31,975 shares of the financial services provider's stock valued at $1,160,000 after acquiring an additional 272 shares in the last quarter. Bridgewater Advisors Inc. increased its position in Manulife Financial by 3.3% during the 1st quarter. Bridgewater Advisors Inc. now owns 8,675 shares of the financial services provider's stock worth $299,000 after purchasing an additional 274 shares in the last quarter. Kathmere Capital Management LLC raised its stake in Manulife Financial by 2.0% in the 4th quarter. Kathmere Capital Management LLC now owns 14,421 shares of the financial services provider's stock valued at $523,000 after purchasing an additional 277 shares during the last quarter. Americana Partners LLC raised its stake in Manulife Financial by 0.5% in the 4th quarter. Americana Partners LLC now owns 59,081 shares of the financial services provider's stock valued at $2,143,000 after purchasing an additional 295 shares during the last quarter. Finally, Midwest Professional Planners LTD. lifted its holdings in Manulife Financial by 1.1% in the 1st quarter. Midwest Professional Planners LTD. now owns 27,702 shares of the financial services provider's stock valued at $954,000 after purchasing an additional 305 shares in the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Stock Up 1.4%

NYSE MFC opened at $43.64 on Friday. The business has a 50 day moving average price of $40.33 and a two-hundred day moving average price of $37.95. The stock has a market cap of $72.53 billion, a PE ratio of 17.32 and a beta of 0.84. Manulife Financial Corp has a fifty-two week low of $29.70 and a fifty-two week high of $43.81.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings data on Wednesday, May 13th. The financial services provider reported $0.77 EPS for the quarter, missing analysts' consensus estimates of $0.79 by ($0.02). Manulife Financial had a return on equity of 16.58% and a net margin of 10.19%.The firm had revenue of $8.89 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the prior year, the firm earned $0.99 EPS. Sell-side analysts anticipate that Manulife Financial Corp will post 3.03 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, May 29th were paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Friday, May 29th. Manulife Financial's payout ratio is 56.75%.

Analysts Set New Price Targets

A number of brokerages have recently commented on MFC. TD Securities reiterated a "buy" rating on shares of Manulife Financial in a report on Thursday, May 14th. Weiss Ratings downgraded shares of Manulife Financial from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday. Zacks Research lowered Manulife Financial from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 15th. Finally, Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $51.50.

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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