JCIC Asset Management Inc. Takes $6.70 Million Position in Manulife Financial Corp $MFC

JCIC Asset Management Inc. purchased a new position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 215,210 shares of the financial services provider’s stock, valued at approximately $6,704,000. Manulife Financial comprises about 2.1% of JCIC Asset Management Inc.’s investment portfolio, making the stock its 15th largest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Caldwell Trust Co acquired a new stake in shares of Manulife Financial during the second quarter worth $27,000. Eastern Bank grew its stake 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 valued at $31,000 after acquiring an additional 590 shares in the last quarter. Winnow Wealth LLC bought a new position in Manulife Financial during the second quarter worth about $38,000. Goodman Advisory Group LLC acquired a new stake in Manulife Financial in the 2nd quarter worth about $39,000. Finally, Mather Group LLC. bought a new stake in Manulife Financial in the 3rd quarter valued at about $43,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Price Performance

Shares of MFC opened at $37.42 on Monday. The firm has a 50 day simple moving average of $35.68 and a two-hundred day simple moving average of $32.82. Manulife Financial Corp has a one year low of $25.92 and a one year high of $37.71. The company has a market cap of $62.76 billion, a P/E ratio of 16.63 and a beta of 0.83.

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 (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. Manulife Financial had a return on equity of 16.11% and a net margin of 9.81%.The company had revenue of $12.90 billion for the quarter. During the same quarter in the previous year, the business posted $1.00 EPS. On average, analysts expect that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Wednesday, November 26th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date was Wednesday, November 26th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.32. Manulife Financial’s dividend payout ratio is 55.56%.

Analyst Ratings Changes

MFC has been the topic of several recent research reports. CIBC raised shares of Manulife Financial from a “neutral” rating to an “outperform” rating in a report on Thursday, January 8th. Weiss Ratings reissued a “buy (b+)” rating on shares of Manulife Financial in a research report on Monday, December 29th. Morgan Stanley set a $51.00 price objective on Manulife Financial in a research note on Monday, December 15th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Friday, November 14th. Finally, Royal Bank Of Canada increased their target price on Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, November 14th. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $51.50.

Manulife Financial Company Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.