Manulife Financial Corp $MFC Stock: Value Partners Investments Inc. Cuts Holdings

Key Points

• Value Partners Investments reduced its Manulife Financial stake by 1.6% in the third quarter, selling 23,995 shares. It still held 1.49 million shares worth approximately $63.8 million, representing about 4.3% of its portfolio.
• Manulife shares fell 0.5% to $44.10, while institutional investors and hedge funds collectively owned 52.56% of the company. The stock traded near its 12-month high of $45.33.
• The company reported quarterly EPS of $0.79, slightly beating estimates, and maintained a quarterly dividend of C$0.48—an annualized yield of about 4.4%. Analysts remain broadly positive, with an average rating of “Buy” and a $58.75 price target.

Value Partners Investments Inc. lessened its stake in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 1.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,493,417 shares of the financial services provider's stock after selling 23,995 shares during the quarter. Manulife Financial accounts for about 4.3% of Value Partners Investments Inc.'s portfolio, making the stock its 9th largest holding. Value Partners Investments Inc. owned about 0.09% of Manulife Financial worth $63,829,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Gold Investment Management Ltd. lifted its holdings in Manulife Financial by 0.4% during the third quarter. Gold Investment Management Ltd. now owns 206,004 shares of the financial services provider's stock valued at $8,777,000 after purchasing an additional 770 shares in the last quarter. Baskin Financial Services Inc. purchased a new position in Manulife Financial in the 3rd quarter valued at $336,000. Robertson Stephens Wealth Management LLC boosted its stake in Manulife Financial by 4.0% during the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 20,079 shares of the financial services provider's stock worth $855,000 after purchasing an additional 763 shares during the last quarter. Financial & Tax Architects LLC boosted its stake in Manulife Financial by 14.7% during the 3rd quarter. Financial & Tax Architects LLC now owns 16,366 shares of the financial services provider's stock worth $697,000 after purchasing an additional 2,103 shares during the last quarter. Finally, Triasima Portfolio Management inc. grew its holdings in shares of Manulife Financial by 101.8% during the third quarter. Triasima Portfolio Management inc. now owns 373,076 shares of the financial services provider's stock worth $15,935,000 after buying an additional 188,218 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company's stock.

Manulife Financial Stock Down 0.5%

NYSE:MFC traded down $0.24 on Monday, reaching $44.10. The company's stock had a trading volume of 1,304,386 shares, compared to its average volume of 2,167,541. Manulife Financial Corp has a 12-month low of $31.68 and a 12-month high of $45.33. The firm has a market cap of $73.17 billion, a price-to-earnings ratio of 16.45 and a beta of 0.84. The stock has a 50 day moving average price of $43.41 and a 200 day moving average price of $41.21.

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 for the quarter, beating 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 business had revenue of $2.22 billion during the quarter, compared to analysts' expectations of $7.28 billion. During the same period last year, the business earned $0.95 earnings per share. The business's revenue for the quarter was up 7.3% on a year-over-year basis. Equities research analysts expect that Manulife Financial Corp will post 2.97 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Stockholders 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 4.4%. The ex-dividend date was Friday, August 21st. Manulife Financial's dividend payout ratio (DPR) is presently 51.49%.

Analyst Ratings Changes

A number of brokerages have recently commented on MFC. Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a research report on Friday, August 7th. Royal Bank Of Canada boosted their price target on shares of Manulife Financial from $55.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. Weiss Ratings raised shares of Manulife Financial from a "buy (a)" rating to a "buy (a+)" rating in a research note on Thursday, October 8th. Zacks Research raised shares of Manulife Financial from a "strong sell" rating to a "hold" rating in a research note on Wednesday, September 2nd. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Manulife Financial in a report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock 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.

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