The Manufacturers Life Insurance Company Buys 36,838 Shares of Manulife Financial Co. (NYSE:MFC)

The Manufacturers Life Insurance Company lifted its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,035,663 shares of the financial services provider’s stock after acquiring an additional 36,838 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.12% of Manulife Financial worth $60,202,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Private Trust Co. NA boosted its position in shares of Manulife Financial by 31.9% in the third quarter. Private Trust Co. NA now owns 4,547 shares of the financial services provider’s stock worth $134,000 after purchasing an additional 1,100 shares during the period. Brown Brothers Harriman & Co. lifted its stake in shares of Manulife Financial by 180.6% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 19,661 shares of the financial services provider’s stock valued at $581,000 after buying an additional 12,654 shares in the last quarter. DRW Securities LLC purchased a new stake in Manulife Financial in the 3rd quarter worth $1,008,000. Harvest Fund Management Co. Ltd raised its holdings in Manulife Financial by 56.4% during the third quarter. Harvest Fund Management Co. Ltd now owns 27,736 shares of the financial services provider’s stock valued at $820,000 after acquiring an additional 9,997 shares during the period. Finally, Cerity Partners LLC lifted its position in shares of Manulife Financial by 31.1% in the third quarter. Cerity Partners LLC now owns 126,138 shares of the financial services provider’s stock valued at $3,727,000 after acquiring an additional 29,918 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MFC shares. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Barclays started coverage on shares of Manulife Financial in a report on Thursday, September 5th. They issued an “equal weight” rating on the stock. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Manulife Financial currently has an average rating of “Buy” and a consensus price target of $37.50.

Manulife Financial Price Performance

Shares of MFC opened at $31.89 on Thursday. The business’s 50 day simple moving average is $30.60 and its 200-day simple moving average is $27.83. Manulife Financial Co. has a 1 year low of $19.20 and a 1 year high of $33.07. The stock has a market capitalization of $55.87 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $1.00 EPS for the quarter, beating the consensus estimate of $0.70 by $0.30. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. The business had revenue of $10.69 billion during the quarter, compared to analyst estimates of $9.73 billion. During the same quarter last year, the business earned $0.69 earnings per share. On average, sell-side analysts expect that Manulife Financial Co. will post 2.72 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be given a dividend of $0.296 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.29. This represents a $1.18 dividend on an annualized basis and a yield of 3.71%. Manulife Financial’s dividend payout ratio is 57.00%.

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.