Scotia Capital Inc. Has $332.72 Million Position in Manulife Financial Corp (NYSE:MFC)

Key Points

• Scotia Capital Inc. has reduced its holdings in Manulife Financial Corp by 1.4%, selling 146,389 shares and now owning approximately 10.68 million shares valued at $332.72 million.
• Manulife Financial has announced an increase in its quarterly dividend to $0.3194 per share, representing a yield of 4.2% and a total annualized dividend of $1.28.
• The company's latest earnings report showed an EPS of $0.69, slightly missing the consensus estimate of $0.70, while predicting an EPS of $2.87 for the current fiscal year.

Scotia Capital Inc. lessened its stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 1.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,683,604 shares of the financial services provider's stock after selling 146,389 shares during the period. Manulife Financial comprises 1.8% of Scotia Capital Inc.'s investment portfolio, making the stock its 14th largest holding. Scotia Capital Inc. owned about 0.62% of Manulife Financial worth $332,719,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. FIL Ltd increased its stake in shares of Manulife Financial by 21.7% in the fourth quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider's stock worth $1,216,880,000 after acquiring an additional 7,053,066 shares during the last quarter. TD Asset Management Inc increased its position in Manulife Financial by 6.6% during the first quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider's stock worth $1,155,639,000 after buying an additional 2,289,205 shares during the last quarter. Mackenzie Financial Corp increased its holdings 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 valued at $755,367,000 after acquiring an additional 230,105 shares during the last quarter. Toronto Dominion Bank increased its holdings in shares of Manulife Financial by 4.1% during the 4th quarter. Toronto Dominion Bank now owns 22,812,909 shares of the financial services provider's stock valued at $699,948,000 after acquiring an additional 902,466 shares during the last quarter. Finally, Bank of Nova Scotia grew its holdings in Manulife Financial by 7.2% during the first quarter. Bank of Nova Scotia now owns 13,990,810 shares of the financial services provider's stock valued at $436,007,000 after purchasing an additional 937,794 shares during the last quarter. Institutional investors and hedge funds own 52.56% of the company's stock.

Manulife Financial Stock Down 0.7%

NYSE MFC traded down $0.23 during midday trading on Tuesday, hitting $30.64. The company had a trading volume of 350,327 shares, compared to its average volume of 2,279,605. Manulife Financial Corp has a fifty-two week low of $23.91 and a fifty-two week high of $33.07. The stock has a market cap of $52.19 billion, a price-to-earnings ratio of 16.04, a P/E/G ratio of 1.03 and a beta of 1.01. The firm has a fifty day simple moving average of $31.29 and a two-hundred day simple moving average of $30.55.

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

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st were issued a $0.3194 dividend. This represents a $1.28 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Wednesday, May 21st. This is an increase from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's dividend payout ratio (DPR) is presently 67.02%.

Wall Street Analysts Forecast Growth

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

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.