Synovus Financial Corp Boosts Stock Holdings in Manulife Financial Corp $MFC

Key Points

• Synovus Financial Corp increased its stake in Manulife Financial by 706.0% during the first quarter, acquiring an additional 85,037 shares, bringing its total holdings to 97,082 shares valued at approximately $3 million.
• Manulife recently reported disappointing earnings of $0.69 per share, missing the consensus estimate of $0.71, though analysts predict a future EPS of 2.87 for the current fiscal year.
• The company declared a quarterly dividend of $0.3199, marking a slight increase from its previous dividend, with a yield of 4.3% and a payout ratio of 56.70%.

Synovus Financial Corp boosted its stake in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 706.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 97,082 shares of the financial services provider's stock after purchasing an additional 85,037 shares during the period. Synovus Financial Corp's holdings in Manulife Financial were worth $3,024,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Lazard Asset Management LLC purchased a new position in Manulife Financial in the 4th quarter worth approximately $35,000. William B. Walkup & Associates Inc. purchased a new position in Manulife Financial in the 1st quarter worth approximately $43,000. NBC Securities Inc. grew 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 buying an additional 1,787 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of Manulife Financial in the 1st quarter worth approximately $59,000. Finally, Ancora Advisors LLC grew its position in shares of Manulife Financial by 34.7% in the 4th quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock worth $60,000 after buying an additional 500 shares during the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Stock Performance

MFC traded up $0.37 during trading on Thursday, hitting $30.69. 2,101,285 shares of the stock were exchanged, compared to its average volume of 2,661,851. The firm has a 50 day simple moving average of $30.83 and a 200 day simple moving average of $30.57. The firm has a market cap of $52.12 billion, a price-to-earnings ratio of 13.70, a P/E/G ratio of 1.01 and a beta of 1.01. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $33.07.

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

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, August 20th will be paid a $0.3199 dividend. The ex-dividend date is Wednesday, August 20th. This represents a $1.28 annualized dividend and a dividend yield of 4.2%. 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%.

Wall Street Analyst Weigh In

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

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.