Rep. Josh Gottheimer Purchases Shares of Manulife Financial Co. (NYSE:MFC)

Representative Josh Gottheimer (D-New Jersey) recently bought shares of Manulife Financial Co. (NYSE:MFC). In a filing disclosed on November 06th, the Representative disclosed that they had bought between $1,001 and $15,000 in Manulife Financial stock on October 15th. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.

Representative Josh Gottheimer also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Texas Capital Bancshares (NASDAQ:TCBI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ITT (NYSE:ITT) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of Stifel Financial (NYSE:SF) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ICU Medical (NASDAQ:ICUI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of AppFolio (NASDAQ:APPF) on 10/31/2024.
• Purchased $1,001 – $15,000 in shares of Gates Industrial (NYSE:GTES) on 10/31/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/29/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Disco (OTCMKTS:DSCSY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Enerpac Tool Group (NYSE:EPAC) on 10/25/2024.

Manulife Financial Stock Performance

MFC opened at $32.29 on Friday. Manulife Financial Co. has a twelve month low of $18.05 and a twelve month high of $32.94. The firm has a market cap of $56.80 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 1.08 and a beta of 1.08. The firm’s 50-day simple moving average is $29.21 and its 200-day simple moving average is $26.96.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.27. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. The firm had revenue of $9.41 billion for the quarter, compared to analysts’ expectations of $8.95 billion. During the same period in the prior year, the firm earned $0.62 earnings per share. As a group, sell-side analysts anticipate that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be paid a $0.296 dividend. This represents a $1.18 annualized dividend and a dividend yield of 3.67%. 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. Manulife Financial’s payout ratio is currently 67.05%.

Hedge Funds Weigh In On Manulife Financial

Several institutional investors and hedge funds have recently made changes to their positions in MFC. Grove Bank & Trust bought a new position in shares of Manulife Financial during the second quarter worth about $25,000. West Financial Advisors LLC bought a new stake in Manulife Financial in the 3rd quarter valued at $26,000. Addison Advisors LLC grew its stake in shares of Manulife Financial by 77.2% in the second quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 467 shares in the last quarter. HHM Wealth Advisors LLC grew its position in shares of Manulife Financial by 119.0% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 600 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in Manulife Financial during the 3rd quarter worth $30,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MFC. Barclays started coverage on Manulife Financial in a research report on Thursday, September 5th. They set an “equal weight” rating on the stock. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $35.67.

About Representative Gottheimer

Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2025. Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2024 election. Gottheimer was first elected to the House in 2016. Prior to his election, Gottheimer worked for Microsoft, the Federal Communications Commission, and for the administration of President Bill Clinton (D). Click here for more information about Gottheimer’s career. Gottheimer serves on the House Financial Services Committee, where is a member of three subcommittees. For more on Gottheimer’s committee assignments, click here. Gottheimer became a co-chair of the Problem Solvers Caucus in February 2017. Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

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.