Wellington Management Group LLP Purchases New Holdings in Manulife Financial Corp $MFC

Key Points

• Wellington Management initiated a position in Manulife Financial by purchasing 876,930 shares valued at approximately $35.6 million, while institutional investors collectively own 52.56% of the company.
• Analysts maintain a broadly positive outlook, with Manulife receiving an average “Buy” rating and a consensus price target of $59, compared with its recent price of $44.32.
• Manulife slightly exceeded quarterly earnings expectations, reporting $0.79 in EPS, and announced a quarterly dividend of $0.485 per share, equivalent to a 4.4% annualized yield.

Wellington Management Group LLP purchased a new position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 876,930 shares of the financial services provider's stock, valued at approximately $35,553,000. Wellington Management Group LLP owned 0.05% of Manulife Financial at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MFC. Basepoint Wealth LLC bought a new stake in shares of Manulife Financial during the 4th quarter worth $25,000. Addison Advisors LLC bought a new position in Manulife Financial during the second quarter valued at about $25,000. First Bancorp Inc ME bought a new position in Manulife Financial during the second quarter valued at about $26,000. Hantz Financial Services Inc. bought a new position in Manulife Financial during the fourth quarter valued at about $28,000. Finally, Sfam LLC purchased a new stake in Manulife Financial during the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Scotiabank reaffirmed an "outperform" rating on shares of Manulife Financial in a research report on Friday, August 7th. Weiss Ratings raised shares of Manulife Financial from a "buy (a-)" rating to a "buy (a)" rating in a research report on Wednesday, August 19th. Zacks Research upgraded shares of Manulife Financial from a "strong sell" rating to a "hold" rating in a research note on Wednesday. Royal Bank Of Canada lifted their price target on shares of Manulife Financial from $55.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Manulife Financial in a report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Manulife Financial presently has an average rating of "Buy" and an average price target of $59.00.

Manulife Financial Stock Down 0.6%

NYSE MFC opened at $44.32 on Friday. The company has a market cap of $73.54 billion, a PE ratio of 16.54 and a beta of 0.83. Manulife Financial Corp has a 52 week low of $30.49 and a 52 week high of $45.33. The firm's 50-day simple moving average is $43.04 and its two-hundred day simple moving average is $39.29.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.78 by $0.01. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $7.28 billion. During the same quarter last year, the business earned $0.95 earnings per share. The company's quarterly revenue was up 7.3% on a year-over-year basis. As a group, equities research analysts anticipate that Manulife Financial Corp will post 3.08 EPS for the current year.

Manulife Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, August 21st will be paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Friday, August 21st. Manulife Financial's payout ratio is currently 51.49%.

Manulife Financial Profile

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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