Manulife Financial Corp $MFC Stock Position Increased by Generali Asset Management SPA SGR

Key Points

• Generali Asset Management increased its Manulife Financial stake by 608% in the third quarter, acquiring 27,581 additional shares and bringing its holdings to 32,117 shares valued at approximately $1.37 million.
• Institutional ownership remains significant at 52.56%, with several other investment firms also increasing their positions during the quarter.
• Manulife shares opened at $45.30, near their 52-week high, while the company offered a 4.3% dividend yield. Analysts maintained an overall “Buy” rating with an average price target of $58.75.

Generali Asset Management SPA SGR increased its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 608.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,117 shares of the financial services provider's stock after buying an additional 27,581 shares during the period. Generali Asset Management SPA SGR's holdings in Manulife Financial were worth $1,368,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of MFC. Oppenheimer & Co. Inc. lifted its position in shares of Manulife Financial by 12.7% during the third quarter. Oppenheimer & Co. Inc. now owns 42,335 shares of the financial services provider's stock worth $1,803,000 after acquiring an additional 4,754 shares in the last quarter. Park Avenue Securities LLC boosted its holdings in shares of Manulife Financial by 6.8% in the third quarter. Park Avenue Securities LLC now owns 15,289 shares of the financial services provider's stock worth $651,000 after acquiring an additional 979 shares during the period. Viewpoint Investment Partners Corp boosted its holdings in shares of Manulife Financial by 5.7% in the third quarter. Viewpoint Investment Partners Corp now owns 12,884 shares of the financial services provider's stock worth $549,000 after acquiring an additional 700 shares during the period. Apollon Wealth Management LLC grew its position in shares of Manulife Financial by 73.2% in the third quarter. Apollon Wealth Management LLC now owns 46,163 shares of the financial services provider's stock valued at $1,966,000 after purchasing an additional 19,504 shares in the last quarter. Finally, Signaturefd LLC grew its position in shares of Manulife Financial by 2.7% in the third quarter. Signaturefd LLC now owns 63,467 shares of the financial services provider's stock valued at $2,703,000 after purchasing an additional 1,687 shares in the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Price Performance

Shares of Manulife Financial stock opened at $45.30 on Friday. Manulife Financial Corp has a 1 year low of $31.92 and a 1 year high of $45.68. The firm has a market cap of $75.05 billion, a PE ratio of 16.90 and a beta of 0.84. The company has a 50 day simple moving average of $43.55 and a two-hundred day simple moving average of $39.93.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.78 by $0.01. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The firm had revenue of $2.22 billion for the quarter, compared to analyst estimates of $7.28 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. The business's revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, research analysts anticipate that Manulife Financial Corp will post 2.97 earnings per share 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 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Friday, August 21st. Manulife Financial's dividend payout ratio is currently 51.49%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MFC. Royal Bank Of Canada lifted their target price on Manulife Financial from $55.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, August 7th. TD Securities reissued a "buy" rating on shares of Manulife Financial in a report on Thursday, August 6th. Scotiabank downgraded shares of Manulife Financial from a "sector outperform" rating to a "sector perform" rating in a report on Tuesday. Zacks Research upgraded shares of Manulife Financial from a "strong sell" rating to a "hold" rating in a research report on Wednesday, September 2nd. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Manulife Financial in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Manulife Financial has an average rating of "Buy" and an average price target of $58.75.

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.

Want to see what other hedge funds are holding MFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.