Manulife Financial Corp $MFC Shares Purchased by Northwest & Ethical Investments L.P.

Key Points

• Northwest & Ethical Investments L.P. increased its holdings in Manulife Financial Corp by 5.8% during the first quarter, acquiring an additional 28,204 shares, bringing their total ownership to 516,568 shares, valued at approximately $16.1 million.
• Manulife Financial recently announced an increase in its quarterly dividend to $0.3199 per share, resulting in a 4.2% dividend yield, with a payout ratio of 57.14%.
• Despite a drop in earnings, analysts have set varied price targets for Manulife Financial, with Royal Bank of Canada lowering theirs from $51.00 to $49.00, maintaining an "outperform" rating.

Northwest & Ethical Investments L.P. lifted its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 5.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 516,568 shares of the financial services provider's stock after buying an additional 28,204 shares during the period. Northwest & Ethical Investments L.P.'s holdings in Manulife Financial were worth $16,106,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Rossby Financial LCC purchased a new position in shares of Manulife Financial during the 1st quarter worth approximately $243,000. Mackenzie Financial Corp raised its stake in shares of Manulife Financial by 0.9% during the 4th quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider's stock worth $755,367,000 after buying an additional 230,105 shares in the last quarter. Affinity Wealth Management LLC purchased a new position in shares of Manulife Financial during the 1st quarter worth approximately $3,934,000. Intact Investment Management Inc. raised its stake in shares of Manulife Financial by 17.2% during the 1st quarter. Intact Investment Management Inc. now owns 2,527,925 shares of the financial services provider's stock worth $78,780,000 after buying an additional 370,570 shares in the last quarter. Finally, Asahi Life Asset Management CO. LTD. purchased a new position in shares of Manulife Financial during the 1st quarter worth approximately $431,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MFC has been the subject of several research analyst reports. Royal Bank Of Canada dropped their price objective on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Morgan Stanley set a $48.00 price objective on Manulife Financial in a research note on Monday. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Manulife Financial currently has an average rating of "Moderate Buy" and an average target price of $48.50.

Manulife Financial Stock Down 1.1%

NYSE MFC traded down $0.3250 during mid-day trading on Wednesday, hitting $30.0850. The stock had a trading volume of 2,688,472 shares, compared to its average volume of 2,348,716. The company has a 50 day simple moving average of $30.96 and a 200 day simple moving average of $30.55. The company has a market cap of $51.10 billion, a price-to-earnings ratio of 13.43, a P/E/G ratio of 1.04 and a beta of 1.01. Manulife Financial Corp has a 52-week low of $25.72 and a 52-week high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 EPS for the quarter, missing analysts' consensus estimates of $0.71 by ($0.02). The company had revenue of $11.30 billion for the quarter. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. During the same quarter in the previous year, the business posted $0.91 EPS. As a group, equities analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th will be issued a dividend of $0.3199 per share. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, August 20th. This represents a $1.28 dividend on an annualized basis and a yield of 4.3%. Manulife Financial's payout ratio is currently 57.14%.

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.