Wellington Management Group LLP Grows Stock Position in Manulife Financial Corp $MFC

Key Points

• Wellington Management Group LLP increased its stake in Manulife Financial Corp by 8.5% during the first quarter, holding a total of 707,993 shares valued at over $22 million.
• Manulife announced a quarterly dividend of $0.3199 per share, marking an increase from the previous $0.32 dividend, which gives an annualized yield of 4.3%.
• Analysts have set a consensus price target of $48.50 for Manulife Financial stock, with ratings from two analysts recommending a Buy and one issuing a Hold.

Wellington Management Group LLP lifted its stake in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 8.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 707,993 shares of the financial services provider's stock after purchasing an additional 55,263 shares during the period. Wellington Management Group LLP's holdings in Manulife Financial were worth $22,058,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MFC. Lazard Asset Management LLC purchased a new position in Manulife Financial in the fourth quarter valued at $35,000. William B. Walkup & Associates Inc. purchased a new position in Manulife Financial in the first quarter valued at $43,000. NBC Securities Inc. boosted its holdings in Manulife Financial by 178,700.0% in the first quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock valued at $55,000 after purchasing an additional 1,787 shares during the period. Opal Wealth Advisors LLC acquired a new stake in Manulife Financial in the first quarter valued at $59,000. Finally, Ancora Advisors LLC raised its stake in Manulife Financial by 34.7% in the fourth quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock valued at $60,000 after buying an additional 500 shares in the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Price Performance

Manulife Financial stock opened at $30.0850 on Tuesday. The stock's fifty day moving average is $30.84 and its two-hundred day moving average is $30.57. Manulife Financial Corp has a 1-year low of $25.92 and a 1-year high of $33.07. The stock has a market cap of $51.10 billion, a PE ratio of 13.43, a P/E/G ratio of 1.03 and a beta of 1.01.

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

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th will be given a dividend of $0.3199 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.3%. This is an increase from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, August 20th. Manulife Financial's payout ratio is presently 56.70%.

Analysts Set New Price Targets

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.