Beutel Goodman & Co Ltd. Sells 305,436 Shares of Manulife Financial Corp $MFC

Beutel Goodman & Co Ltd. decreased its holdings in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 2.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,076,292 shares of the financial services provider’s stock after selling 305,436 shares during the period. Manulife Financial makes up about 2.0% of Beutel Goodman & Co Ltd.’s portfolio, making the stock its 22nd largest position. Beutel Goodman & Co Ltd. owned approximately 0.65% of Manulife Financial worth $353,434,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Manulife Financial by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 76,336,875 shares of the financial services provider’s stock worth $2,440,795,000 after acquiring an additional 2,003,226 shares during the last quarter. 1832 Asset Management L.P. boosted its stake in Manulife Financial by 3.0% during the 2nd quarter. 1832 Asset Management L.P. now owns 25,155,652 shares of the financial services provider’s stock valued at $803,975,000 after purchasing an additional 730,187 shares during the last quarter. Norges Bank bought a new stake in Manulife Financial during the 2nd quarter worth approximately $632,238,000. Geode Capital Management LLC increased its holdings in Manulife Financial by 19.4% during the 2nd quarter. Geode Capital Management LLC now owns 14,008,595 shares of the financial services provider’s stock worth $453,798,000 after purchasing an additional 2,276,251 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Manulife Financial by 5.0% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,015,008 shares of the financial services provider’s stock worth $384,409,000 after purchasing an additional 567,834 shares during the last quarter. 52.56% of the stock is owned by institutional investors.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $35.27 on Friday. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $35.62. The company has a market capitalization of $59.43 billion, a PE ratio of 15.68 and a beta of 0.83. The business has a fifty day moving average price of $33.05 and a two-hundred day moving average price of $31.77.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $12.90 billion for the quarter. Manulife Financial had a net margin of 9.81% and a return on equity of 16.11%. During the same period last year, the firm posted $1.00 earnings per share. Sell-side analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

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

Analyst Upgrades and Downgrades

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

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.