TD Asset Management Inc Raises Stock Holdings in Manulife Financial Corp (NYSE:MFC)

Key Points

• TD Asset Management Inc. increased its stake in Manulife Financial Corp by 6.6%, now owning approximately 37 million shares valued at around $1.16 billion, making it the asset manager's 17th largest holding.
• Manulife Financial recently declared a quarterly dividend of $0.3194, which represents a 4.08% dividend yield, an increase from its previous dividend of $0.31.
• Despite reporting earnings per share of $0.69, Manulife Financial missed analyst expectations by $0.01, with revenue reported at $1.49 billion.

TD Asset Management Inc increased its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 6.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,093,064 shares of the financial services provider's stock after purchasing an additional 2,289,205 shares during the period. Manulife Financial accounts for 1.1% of TD Asset Management Inc's portfolio, making the stock its 17th biggest position. TD Asset Management Inc owned approximately 2.16% of Manulife Financial worth $1,155,639,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JCIC Asset Management Inc. grew its stake in shares of Manulife Financial by 5.6% in the first quarter. JCIC Asset Management Inc. now owns 6,749 shares of the financial services provider's stock worth $210,000 after acquiring an additional 360 shares during the last quarter. TIAA Trust National Association lifted its holdings in shares of Manulife Financial by 5.0% during the fourth quarter. TIAA Trust National Association now owns 8,419 shares of the financial services provider's stock valued at $259,000 after purchasing an additional 404 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Manulife Financial by 3.0% during the first quarter. Pacer Advisors Inc. now owns 15,405 shares of the financial services provider's stock valued at $480,000 after purchasing an additional 444 shares in the last quarter. Napatree Capital LLC lifted its holdings in shares of Manulife Financial by 4.7% during the first quarter. Napatree Capital LLC now owns 10,279 shares of the financial services provider's stock valued at $320,000 after purchasing an additional 465 shares in the last quarter. Finally, Ancora Advisors LLC lifted its holdings in shares of Manulife Financial by 34.7% during the fourth quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock valued at $60,000 after purchasing an additional 500 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Trading Up 0.4%

MFC stock traded up $0.14 during trading on Monday, reaching $31.46. The stock had a trading volume of 2,250,129 shares, compared to its average volume of 1,721,704. Manulife Financial Corp has a 52 week low of $23.30 and a 52 week high of $33.07. The stock's 50 day moving average is $31.33 and its two-hundred day moving average is $30.52. The firm has a market cap of $53.73 billion, a PE ratio of 11.11, a PEG ratio of 1.06 and a beta of 0.99.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.01). Manulife Financial had a return on equity of 15.84% and a net margin of 9.58%. The company had revenue of $1.49 billion during the quarter. During the same period last year, the firm posted $0.94 EPS. On average, research analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st were issued a $0.3194 dividend. This is an increase from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend was Wednesday, May 21st. Manulife Financial's payout ratio is currently 67.02%.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley set a $46.00 price target on Manulife Financial in a report on Monday, May 19th.

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.