Northwestern Mutual Wealth Management Co. Purchases Shares of 114,281 Manulife Financial Corp $MFC

Northwestern Mutual Wealth Management Co. purchased a new position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC in the second quarter, according to its most recent filing with the SEC. The firm purchased 114,281 shares of the financial services provider's stock, valued at approximately $4,630,000.

Other hedge funds have also recently made changes to their positions in the company. Bridgewater Advisors Inc. lifted its stake in shares of Manulife Financial by 3.3% in the 1st quarter. Bridgewater Advisors Inc. now owns 8,675 shares of the financial services provider's stock valued at $299,000 after purchasing an additional 274 shares during the period. Baron Wealth Management LLC grew its stake in Manulife Financial by 2.4% during the second quarter. Baron Wealth Management LLC now owns 12,432 shares of the financial services provider's stock worth $504,000 after purchasing an additional 291 shares during the period. Americana Partners LLC grew its stake in Manulife Financial by 0.5% during the fourth quarter. Americana Partners LLC now owns 59,081 shares of the financial services provider's stock worth $2,143,000 after purchasing an additional 295 shares during the period. Midwest Professional Planners LTD. increased its holdings in Manulife Financial by 1.1% in the first quarter. Midwest Professional Planners LTD. now owns 27,702 shares of the financial services provider's stock worth $954,000 after purchasing an additional 305 shares in the last quarter. Finally, Western Wealth Management LLC increased its holdings in Manulife Financial by 5.4% in the first quarter. Western Wealth Management LLC now owns 6,192 shares of the financial services provider's stock worth $213,000 after purchasing an additional 317 shares in the last quarter. 52.56% of the stock is owned by institutional investors.

Manulife Financial Price Performance

Shares of Manulife Financial stock opened at $42.54 on Monday. The business has a 50-day simple moving average of $42.48 and a 200 day simple moving average of $38.90. Manulife Financial Corp has a one year low of $29.77 and a one year high of $45.33. The firm has a market capitalization of $70.70 billion, a price-to-earnings ratio of 15.87 and a beta of 0.84.

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, topping the consensus estimate of $0.78 by $0.01. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The business 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 company earned $0.95 earnings per share. The company's quarterly revenue was up 7.3% on a year-over-year basis. On average, sell-side analysts expect that Manulife Financial Corp will post 3.03 EPS for the current year.

Manulife Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, August 21st will be issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Friday, August 21st. Manulife Financial's dividend payout ratio (DPR) is currently 51.49%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on MFC shares. Royal Bank Of Canada increased their price target on Manulife Financial from $55.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Weiss Ratings upgraded shares of Manulife Financial from a "buy (a-)" rating to a "buy (a)" rating in a research note on Wednesday. Zacks Research downgraded shares of Manulife Financial from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 15th. BMO Capital Markets reissued an "outperform" rating on shares of Manulife Financial in a research note on Friday, August 7th. Finally, TD Securities reissued a "buy" rating on shares of Manulife Financial in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Manulife Financial has an average rating of "Buy" and an average price target of $59.00.

Manulife Financial Company Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

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