Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Holdings in Manulife Financial Corp $MFC

Key Points

• Zurcher Kantonalbank trimmed its Manulife stake by 3.0% in Q4, selling 41,580 shares and now holds 1,353,117 shares worth about $49.2 million (≈0.08% of the company).
• Manulife beat quarterly EPS estimates ($0.80 vs. $0.76) with $11.32 billion in revenue, a 9.18% net margin and 16.43% ROE, and analysts forecast roughly 3.22 EPS for the fiscal year.
• The company raised its quarterly dividend to $0.485 (annualized $1.94) for an approximate 5.0% yield; shares trade near $38.55 with a $64.47B market cap and a consensus analyst Buy rating with a $51.50 target.

Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 3.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,353,117 shares of the financial services provider's stock after selling 41,580 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.08% of Manulife Financial worth $49,199,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Manulife Financial by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 76,711,490 shares of the financial services provider's stock valued at $2,390,023,000 after purchasing an additional 374,615 shares in the last quarter. TD Asset Management Inc grew its holdings in shares of Manulife Financial by 5.8% during the third quarter. TD Asset Management Inc now owns 37,638,463 shares of the financial services provider's stock worth $1,172,922,000 after buying an additional 2,079,330 shares in the last quarter. Canerector Inc. raised its position in shares of Manulife Financial by 4,445.8% in the third quarter. Canerector Inc. now owns 28,184,000 shares of the financial services provider's stock valued at $877,932,000 after buying an additional 27,564,000 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Manulife Financial by 25.6% in the third quarter. Mackenzie Financial Corp now owns 27,822,300 shares of the financial services provider's stock valued at $866,649,000 after buying an additional 5,671,639 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Manulife Financial by 5.7% during the third quarter. Legal & General Group Plc now owns 11,541,321 shares of the financial services provider's stock valued at $359,662,000 after buying an additional 621,093 shares during the period. Hedge funds and other institutional investors own 52.56% of the company's stock.

Manulife Financial Stock Performance

MFC opened at $38.55 on Tuesday. Manulife Financial Corp has a 1 year low of $28.13 and a 1 year high of $39.22. The company's 50 day simple moving average is $35.51 and its 200 day simple moving average is $35.22. The stock has a market capitalization of $64.47 billion, a PE ratio of 17.37 and a beta of 0.82.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, topping the consensus estimate of $0.76 by $0.04. The firm had revenue of $11.32 billion during the quarter, compared to analyst estimates of $2.32 billion. Manulife Financial had a net margin of 9.18% and a return on equity of 16.43%. During the same quarter in the prior year, the business posted $1.03 earnings per share. As a group, sell-side analysts expect that Manulife Financial Corp will post 3.22 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Wednesday, February 25th were issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date was Wednesday, February 25th. This is a positive change from Manulife Financial's previous quarterly dividend of $0.44. Manulife Financial's payout ratio is currently 63.96%.

Analyst Ratings Changes

MFC has been the subject of several recent analyst reports. Scotiabank reaffirmed an "outperform" rating on shares of Manulife Financial in a research note on Thursday, February 5th. Canadian Imperial Bank of Commerce raised Manulife Financial from a "neutral" rating to an "outperform" rating in a research note on Thursday, January 8th. Weiss Ratings cut Manulife Financial from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday, February 13th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Manulife Financial in a research report on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $51.50.

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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