Prudential PLC Increases Stake in Manulife Financial Corp $MFC

Key Points

• Prudential PLC increased its stake in Manulife Financial Corp by 27.3%, acquiring an additional 12,524 shares in the first quarter, bringing its total holdings to 58,479 shares worth approximately $1.82 million.
• Manulife Financial reported earnings of $0.69 per share for the last quarter, missing analyst expectations, while also announcing a quarterly dividend increase to $0.3199 per share, yielding 4.2%.
• Several institutional investors, including TD Asset Management and Canada Pension Plan Investment Board, have significantly increased their positions in Manulife, reflecting growing investor confidence in the company.

Prudential PLC raised its stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 27.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,479 shares of the financial services provider's stock after buying an additional 12,524 shares during the quarter. Prudential PLC's holdings in Manulife Financial were worth $1,822,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Lazard Asset Management LLC bought a new position in shares of Manulife Financial during the fourth quarter worth approximately $35,000. Transce3nd LLC acquired a new stake in Manulife Financial in the fourth quarter valued at about $42,000. NBC Securities Inc. grew its holdings in shares of Manulife Financial by 178,700.0% during the 1st quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock valued at $55,000 after purchasing an additional 1,787 shares during the last quarter. Opal Wealth Advisors LLC acquired a new stake in Manulife Financial in the first quarter valued at approximately $59,000. Finally, Ancora Advisors LLC increased its position in Manulife Financial by 34.7% in the 4th quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock valued at $60,000 after acquiring an additional 500 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Manulife Financial Stock Performance

Shares of Manulife Financial stock traded down $0.15 during mid-day trading on Tuesday, hitting $30.49. 6,885,243 shares of the stock were exchanged, compared to its average volume of 2,341,013. Manulife Financial Corp has a 12 month low of $25.72 and a 12 month high of $33.07. The company has a market capitalization of $51.79 billion, a P/E ratio of 13.61, a P/E/G ratio of 1.03 and a beta of 1.01. The company has a 50-day simple moving average of $30.99 and a 200 day simple moving average of $30.55.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.The company had revenue of $11.30 billion during the quarter. During the same quarter last year, the company posted $0.91 earnings per share. Analysts predict that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th will be issued a $0.3199 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Wednesday, August 20th. This is an increase from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio (DPR) is currently 56.70%.

Manulife Financial Company 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.