Sumitomo Life Insurance Co. Invests $1.07 Million in Manulife Financial Corp $MFC

Key Points

• Sumitomo Life Insurance purchased 26,401 Manulife Financial shares worth approximately $1.07 million during the second quarter. Institutional investors collectively own 52.56% of the company.
• Manulife reported quarterly EPS of $0.79, narrowly beating estimates, while revenue rose 7.3% year over year. The stock opened at $42.54 and has traded between $29.77 and $45.33 over the past year.
• The company declared a quarterly dividend of $0.485 per share, equivalent to a 4.6% annualized yield. Analysts maintain a generally positive outlook, with a consensus “Buy” rating and a $59 price target.

Sumitomo Life Insurance Co. purchased a new stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 26,401 shares of the financial services provider's stock, valued at approximately $1,070,000.

A number of other hedge funds have also recently modified their holdings of the company. Hoge Financial Services LLC raised its stake in Manulife Financial by 0.9% during the fourth quarter. Hoge Financial Services LLC now owns 31,975 shares of the financial services provider's stock worth $1,160,000 after purchasing an additional 272 shares during the period. Bridgewater Advisors Inc. boosted its holdings in 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 last quarter. Baron Wealth Management LLC grew its stake in shares of Manulife Financial by 2.4% in the 2nd quarter. Baron Wealth Management LLC now owns 12,432 shares of the financial services provider's stock valued at $504,000 after buying an additional 291 shares during the period. Americana Partners LLC grew its stake in shares of Manulife Financial by 0.5% in the 4th quarter. Americana Partners LLC now owns 59,081 shares of the financial services provider's stock valued at $2,143,000 after buying an additional 295 shares during the period. Finally, Midwest Professional Planners LTD. increased its holdings in shares of Manulife Financial by 1.1% during the 1st quarter. Midwest Professional Planners LTD. now owns 27,702 shares of the financial services provider's stock worth $954,000 after buying an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

Manulife Financial Stock Performance

Shares of MFC stock opened at $42.54 on Friday. The firm has a market cap of $70.70 billion, a P/E ratio of 15.87 and a beta of 0.84. The firm's 50 day moving average price is $42.48 and its 200-day moving average price is $38.90. Manulife Financial Corp has a one year low of $29.77 and a one year high of $45.33.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.01. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $7.28 billion. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 EPS. As a group, research analysts predict that Manulife Financial Corp will post 3.03 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, August 21st will be given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Friday, August 21st. Manulife Financial's dividend payout ratio (DPR) is currently 53.36%.

Analyst Ratings Changes

Several analysts have recently commented on MFC shares. Scotiabank reaffirmed an "outperform" rating on shares of Manulife Financial in a research report on Friday, August 7th. TD Securities reiterated a "buy" rating on shares of Manulife Financial in a research report on Thursday, August 6th. Weiss Ratings raised Manulife Financial from a "buy (a-)" rating to a "buy (a)" rating in a research note on Wednesday. Royal Bank Of Canada lifted their target price on Manulife Financial from $55.00 to $67.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Manulife Financial in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $59.00.

About Manulife Financial

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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