Manulife Financial Corp $MFC Stock: Cidel Asset Management Inc. Boosts Position

Key Points

• Cidel Asset Management increased its Manulife Financial position by 10.5% in the third quarter, holding 914,580 shares worth approximately $39.1 million. Institutional investors and hedge funds collectively own 52.56% of the company.
• Analysts maintain a generally positive outlook, with Manulife receiving an average “Buy” rating and a consensus price target of $58.75. Royal Bank of Canada recently raised its target to $67.
• Manulife reported quarterly EPS of $0.79, slightly ahead of estimates, while revenue increased 7.3% year over year. The company also pays a quarterly dividend of C$0.48, representing an annualized yield of about 4.3%.

Cidel Asset Management Inc. grew its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 10.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 914,580 shares of the financial services provider's stock after purchasing an additional 86,954 shares during the period. Manulife Financial makes up 1.9% of Cidel Asset Management Inc.'s holdings, making the stock its 10th largest position. Cidel Asset Management Inc. owned approximately 0.06% of Manulife Financial worth $39,063,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MFC. MGO One Seven LLC acquired a new stake in shares of Manulife Financial during the third quarter worth about $208,000. Americana Partners LLC increased its holdings in Manulife Financial by 2.4% in the 3rd quarter. Americana Partners LLC now owns 66,962 shares of the financial services provider's stock worth $2,852,000 after buying an additional 1,567 shares during the period. Aprio Wealth Management LLC increased its holdings in Manulife Financial by 1.4% in the 3rd quarter. Aprio Wealth Management LLC now owns 21,556 shares of the financial services provider's stock worth $918,000 after buying an additional 296 shares during the period. Modera Wealth Management LLC purchased a new position in Manulife Financial during the 3rd quarter worth approximately $326,000. Finally, State of Wyoming raised its position in Manulife Financial by 195.7% during the 3rd quarter. State of Wyoming now owns 14,932 shares of the financial services provider's stock worth $637,000 after buying an additional 9,882 shares during the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on MFC shares. Royal Bank Of Canada lifted their price objective on shares of Manulife Financial from $55.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, August 7th. TD Securities reiterated a "buy" rating on shares of Manulife Financial in a research note on Thursday, August 6th. Zacks Research raised shares of Manulife Financial from a "strong sell" rating to a "hold" rating in a report on Wednesday, September 2nd. Weiss Ratings raised shares of Manulife Financial from a "buy (a)" rating to a "buy (a+)" rating in a report on Thursday, October 8th. Finally, Scotiabank downgraded shares of Manulife Financial from a "sector outperform" rating to a "sector perform" rating in a research report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Manulife Financial currently has an average rating of "Buy" and a consensus price target of $58.75.

Manulife Financial Stock Down 1.3%

Manulife Financial stock opened at $44.65 on Friday. The firm has a market cap of $73.86 billion, a price-to-earnings ratio of 16.66 and a beta of 0.84. Manulife Financial Corp has a 52 week low of $31.92 and a 52 week high of $45.68. The business's 50-day moving average price is $43.60 and its 200 day moving average price is $39.97.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.01. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%. The company had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $7.28 billion. During the same period in the previous year, the company posted $0.95 earnings per share. Manulife Financial's revenue for the quarter was up 7.3% on a year-over-year basis. Equities analysts expect that Manulife Financial Corp will post 2.97 EPS for the current year.

Manulife Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Friday, August 21st were paid a C$0.48 dividend. This represents a $1.94 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Friday, August 21st. Manulife Financial's payout ratio is currently 51.49%.

Manulife Financial Profile

Manulife Financial Corporation is a Canadian financial services company headquartered in Toronto, Ontario. Founded in 1887 as The Manufacturers Life Insurance Company, Manulife has grown into a diversified provider of insurance, wealth and asset management, and retirement solutions. Its common shares trade on the New York Stock Exchange under the symbol MFC.

Manulife offers life, health, and property and casualty insurance, along with retirement products, investment solutions, financial advice, and institutional asset management services.

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