Sunpointe LLC Invests $493,000 in Manulife Financial Corp $MFC

Key Points

• Sunpointe LLC acquired a new stake in Manulife Financial Corp, purchasing 15,419 shares valued at approximately $493,000 during the 2nd quarter.
• Manulife Financial recently announced a quarterly dividend increase to $0.3199 per share, representing a 4.1% yield and a payout ratio of 56.70%.
• Wall Street analysts have an average rating of "Buy" for Manulife Financial, with a consensus target price of $48.50.

Sunpointe LLC bought a new position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 15,419 shares of the financial services provider's stock, valued at approximately $493,000.

Other large investors have also bought and sold shares of the company. Lazard Asset Management LLC bought a new position in Manulife Financial during the 4th quarter worth $35,000. William B. Walkup & Associates Inc. bought a new position in shares of Manulife Financial in the 1st quarter worth about $43,000. NBC Securities Inc. raised its position in shares of Manulife Financial by 178,700.0% in the 1st quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock worth $55,000 after acquiring an additional 1,787 shares in the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Manulife Financial in the 1st quarter worth about $59,000. Finally, Alpine Bank Wealth Management bought a new position in shares of Manulife Financial in the 1st quarter worth about $71,000. 52.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Morgan Stanley set a $48.00 price objective on Manulife Financial in a research report on Monday, August 18th. Royal Bank Of Canada lowered their price objective on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $48.50.

Manulife Financial Stock Up 0.7%

MFC stock traded up $0.22 during mid-day trading on Friday, reaching $31.61. 2,051,180 shares of the company traded hands, compared to its average volume of 1,755,065. The stock has a market cap of $53.57 billion, a price-to-earnings ratio of 14.11, a P/E/G ratio of 1.06 and a beta of 0.99. Manulife Financial Corp has a fifty-two week low of $25.92 and a fifty-two week high of $33.07. The firm's 50 day moving average price is $30.78 and its 200 day moving average price is $30.68.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The company had revenue of $11.30 billion for the quarter. During the same period in the prior year, the business earned $0.91 EPS. On average, analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th were paid a $0.3199 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Wednesday, August 20th. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio (DPR) is presently 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.