Oppenheimer & Co. Inc. Has $1.67 Million Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Oppenheimer & Co. Inc. raised its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 4.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 56,661 shares of the financial services provider’s stock after acquiring an additional 2,612 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Manulife Financial were worth $1,674,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Manulife Financial by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 72,289,251 shares of the financial services provider’s stock worth $1,806,508,000 after purchasing an additional 727,764 shares during the last quarter. National Bank of Canada FI grew its position in shares of Manulife Financial by 14.8% during the 1st quarter. National Bank of Canada FI now owns 28,803,968 shares of the financial services provider’s stock worth $749,435,000 after buying an additional 3,720,693 shares during the period. Toronto Dominion Bank lifted its position in shares of Manulife Financial by 3.2% during the 2nd quarter. Toronto Dominion Bank now owns 24,057,503 shares of the financial services provider’s stock valued at $640,411,000 after acquiring an additional 750,422 shares during the period. 1832 Asset Management L.P. boosted its stake in Manulife Financial by 34.3% during the second quarter. 1832 Asset Management L.P. now owns 19,723,609 shares of the financial services provider’s stock worth $525,042,000 after acquiring an additional 5,036,716 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in Manulife Financial by 0.5% in the second quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider’s stock worth $393,592,000 after purchasing an additional 75,244 shares during the period. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MFC. Barclays began coverage on shares of Manulife Financial in a report on Thursday, September 5th. They set an “equal weight” rating on the stock. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $37.50.

Manulife Financial Price Performance

NYSE MFC opened at $32.66 on Monday. The business’s fifty day moving average is $29.91 and its 200-day moving average is $27.43. The stock has a market capitalization of $57.22 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 1.19 and a beta of 1.08. Manulife Financial Co. has a one year low of $18.80 and a one year high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data 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. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. The business had revenue of $10.69 billion for the quarter, compared to analyst estimates of $9.73 billion. During the same quarter in the previous year, the firm posted $0.69 earnings per share. Research analysts expect that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be given a dividend of $0.296 per share. This represents a $1.18 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend is Wednesday, November 20th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. Manulife Financial’s dividend payout ratio (DPR) is currently 57.00%.

About Manulife Financial

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.