PDT Partners LLC Acquires Shares of 79,346 Manulife Financial Corp $MFC

Key Points

• PDT Partners LLC acquired a new stake in Manulife Financial Corp, purchasing 79,346 shares valued at approximately $2.47 million in the first quarter.
• Manulife Financial recently declared a quarterly dividend of $0.3199, which represents a 4.2% yield, reflecting an increase from its previous dividend rate.
• Several analysts have rated Manulife Financial with a consensus rating of "Moderate Buy", with a price target average of $48.50.

PDT Partners LLC bought a new stake in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 79,346 shares of the financial services provider's stock, valued at approximately $2,472,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Lazard Asset Management LLC acquired a new stake in Manulife Financial in the fourth quarter valued at $35,000. William B. Walkup & Associates Inc. acquired a new stake in Manulife Financial in the first quarter valued at $43,000. NBC Securities Inc. raised its stake in Manulife Financial by 178,700.0% in the first quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock valued at $55,000 after buying an additional 1,787 shares in the last quarter. Opal Wealth Advisors LLC acquired a new stake in Manulife Financial in the first quarter valued at $59,000. Finally, Ancora Advisors LLC raised its stake in Manulife Financial by 34.7% in the fourth quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock valued at $60,000 after buying an additional 500 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Royal Bank Of Canada cut their price target on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Morgan Stanley set a $48.00 target price on Manulife Financial in a research report on Monday, August 18th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $48.50.

Manulife Financial Stock Down 0.8%

MFC stock traded down $0.25 during trading on Friday, hitting $30.66. The company had a trading volume of 1,728,628 shares, compared to its average volume of 2,427,823. The firm has a market cap of $52.07 billion, a PE ratio of 13.69, a price-to-earnings-growth ratio of 1.03 and a beta of 0.99. Manulife Financial Corp has a 1-year low of $25.92 and a 1-year high of $33.07. The firm has a 50-day moving average price of $30.73 and a 200-day moving average price of $30.61.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.02). The company had revenue of $11.30 billion during 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 earned $0.91 EPS. Sell-side analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, August 20th will be given a $0.3199 dividend. 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 annualized dividend and a yield of 4.2%. Manulife Financial's payout ratio is presently 56.70%.

About Manulife Financial

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.