Manulife Financial Corp (NYSE:MFC) is Bank of Nova Scotia Trust Co.'s 9th Largest Position

Key Points

• Bank of Nova Scotia Trust Co. reduced its stake in Manulife Financial Corp by 2.9%, now holding 780,742 shares which constitutes about 2.6% of its portfolio.
• Manulife Financial recently increased its quarterly dividend to $0.3194, yielding 4.2%, up from the previous dividend of $0.31.
• Morgan Stanley has set a price target of $46.00 for shares of Manulife Financial in a recent report.

Bank of Nova Scotia Trust Co. lessened its stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 2.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 780,742 shares of the financial services provider's stock after selling 22,973 shares during the period. Manulife Financial makes up about 2.6% of Bank of Nova Scotia Trust Co.'s portfolio, making the stock its 9th biggest position. Bank of Nova Scotia Trust Co.'s holdings in Manulife Financial were worth $24,320,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of MFC. FIL Ltd lifted its stake in shares of Manulife Financial by 21.7% during the fourth quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider's stock worth $1,216,880,000 after buying an additional 7,053,066 shares during the period. Geode Capital Management LLC lifted its position in Manulife Financial by 28.7% during the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock worth $333,291,000 after acquiring an additional 2,377,338 shares during the period. TD Asset Management Inc grew its stake in Manulife Financial by 6.6% during the 1st quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider's stock valued at $1,155,639,000 after purchasing an additional 2,289,205 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Manulife Financial by 42.1% in the fourth quarter. Canada Pension Plan Investment Board now owns 7,427,745 shares of the financial services provider's stock worth $227,895,000 after purchasing an additional 2,200,000 shares during the last quarter. Finally, Jupiter Asset Management Ltd. raised its stake in shares of Manulife Financial by 871.5% in the first quarter. Jupiter Asset Management Ltd. now owns 2,023,966 shares of the financial services provider's stock worth $63,057,000 after purchasing an additional 1,815,642 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

Analyst Ratings Changes

Separately, Morgan Stanley set a $46.00 price target on shares of Manulife Financial in a report on Monday, May 19th.

Manulife Financial Price Performance

NYSE MFC opened at $30.46 on Friday. The company has a fifty day moving average of $31.30 and a 200 day moving average of $30.55. The company has a market capitalization of $51.89 billion, a PE ratio of 15.95, a P/E/G ratio of 1.04 and a beta of 1.01. Manulife Financial Corp has a 1 year low of $23.30 and a 1 year high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.01). Manulife Financial had a net margin of 9.58% and a return on equity of 15.84%. The company had revenue of $1.49 billion during the quarter. During the same period in the previous year, the business posted $0.94 earnings per share. Research analysts expect that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st were given a $0.3194 dividend. The ex-dividend date was Wednesday, May 21st. This represents a $1.28 annualized dividend and a yield of 4.2%. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's payout ratio is currently 67.02%.

Manulife Financial Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.