1832 Asset Management L.P. Grows Stake in Manulife Financial Corp $MFC

1832 Asset Management L.P. increased its holdings in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 3.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,155,652 shares of the financial services provider’s stock after buying an additional 730,187 shares during the quarter. Manulife Financial accounts for about 0.6% of 1832 Asset Management L.P.’s portfolio, making the stock its 17th largest position. 1832 Asset Management L.P. owned approximately 1.48% of Manulife Financial worth $803,975,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MFC. Eastern Bank raised its holdings in shares of Manulife Financial by 156.1% in the second quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock worth $31,000 after buying an additional 590 shares during the last quarter. Winnow Wealth LLC acquired a new position in shares of Manulife Financial in the 2nd quarter valued at $38,000. William B. Walkup & Associates Inc. purchased a new position in Manulife Financial in the 1st quarter worth $43,000. Oliver Lagore Vanvalin Investment Group acquired a new stake in Manulife Financial during the 2nd quarter worth about $55,000. Finally, Carderock Capital Management Inc. purchased a new stake in Manulife Financial during the 2nd quarter valued at about $58,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MFC has been the subject of a number of research reports. UBS Group began coverage on Manulife Financial in a report on Thursday, October 16th. They set a “buy” rating for the company. BMO Capital Markets restated an “outperform” rating on shares of Manulife Financial in a research note on Friday, November 14th. Morgan Stanley set a $47.00 price objective on shares of Manulife Financial in a report on Tuesday, October 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Manulife Financial in a report on Monday. Finally, Royal Bank Of Canada boosted their target price on shares of Manulife Financial from $49.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, November 14th. Five research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $49.50.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $34.98 on Wednesday. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $35.62. The firm has a market capitalization of $58.94 billion, a PE ratio of 15.62, a P/E/G ratio of 1.13 and a beta of 0.98. The business’s 50 day moving average price is $32.88 and its 200-day moving average price is $31.72.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, November 12th. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.The firm had revenue of $12.90 billion during the quarter. During the same period in the prior year, the company posted $1.00 earnings per share. As a group, analysts expect that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Wednesday, November 26th will be paid a $0.44 dividend. This is an increase from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.76 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend is Wednesday, November 26th. Manulife Financial’s payout ratio is 55.56%.

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.