9,813 Shares in Manulife Financial Co. (NYSE:MFC) Bought by Cumberland Partners Ltd

Cumberland Partners Ltd bought a new stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,813 shares of the financial services provider’s stock, valued at approximately $290,000.

Several other institutional investors also recently modified their holdings of the stock. Grove Bank & Trust bought a new stake in Manulife Financial during the 2nd quarter worth approximately $25,000. West Financial Advisors LLC bought a new stake in shares of Manulife Financial during the third quarter worth $26,000. Addison Advisors LLC raised its holdings in shares of Manulife Financial by 77.2% during the second quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 467 shares during the period. HHM Wealth Advisors LLC boosted its stake in Manulife Financial by 119.0% in 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 during the period. Finally, Capital Performance Advisors LLP bought a new position in shares of Manulife Financial during the third quarter worth about $30,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Stock Performance

NYSE MFC opened at $32.54 on Wednesday. The firm has a 50-day moving average of $29.49 and a 200-day moving average of $27.17. The stock has a market cap of $57.24 billion, a PE ratio of 15.72, a P/E/G ratio of 1.18 and a beta of 1.08. Manulife Financial Co. has a 52-week low of $18.56 and a 52-week high of $32.94.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, November 6th. The financial services provider reported $1.00 EPS for the quarter, topping the consensus estimate of $0.70 by $0.30. The company had revenue of $10.69 billion for the quarter, compared to analysts’ expectations of $9.73 billion. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. During the same period last year, the firm earned $0.69 earnings per share. As a group, analysts predict that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be paid a dividend of $0.296 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.64%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Wednesday, November 20th. Manulife Financial’s dividend payout ratio (DPR) is presently 56.04%.

Analysts Set New Price Targets

Several brokerages recently commented on MFC. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Barclays started coverage on Manulife Financial in a research 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 given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $37.50.

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.