Summitry LLC Boosts Stock Holdings in Manulife Financial Corp $MFC

Summitry LLC grew its position in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 19.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,734 shares of the financial services provider’s stock after purchasing an additional 3,590 shares during the period. Summitry LLC’s holdings in Manulife Financial were worth $695,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. MUFG Securities EMEA plc grew its position in Manulife Financial by 814.3% in the 2nd quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider’s stock worth $204,544,000 after purchasing an additional 5,699,999 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Manulife Financial by 134.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,444,479 shares of the financial services provider’s stock worth $263,046,000 after buying an additional 4,840,963 shares in the last quarter. TD Asset Management Inc boosted its stake in shares of Manulife Financial by 6.6% in the 1st quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider’s stock worth $1,155,639,000 after buying an additional 2,289,205 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Manulife Financial by 19.4% in 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 buying an additional 2,276,251 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Manulife Financial by 30.0% in the first quarter. Canada Pension Plan Investment Board now owns 9,653,897 shares of the financial services provider’s stock valued at $300,860,000 after acquiring an additional 2,226,152 shares in the last quarter. 52.56% of the stock is owned by institutional investors.

Manulife Financial Stock Performance

Shares of MFC opened at $34.39 on Friday. Manulife Financial Corp has a 52-week low of $25.92 and a 52-week high of $35.57. The stock’s 50-day simple moving average is $32.12 and its 200 day simple moving average is $31.45. The stock has a market capitalization of $57.95 billion, a price-to-earnings ratio of 15.35, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share 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 for the quarter. During the same quarter in the prior year, the company earned $1.00 earnings per share. On average, research analysts forecast that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Wednesday, November 26th will be issued a dividend of $0.44 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $1.76 dividend on an annualized basis and a yield of 5.1%. Manulife Financial’s payout ratio is currently 55.56%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MFC. Morgan Stanley set a $47.00 price target on Manulife Financial in a report on Tuesday, October 7th. UBS Group started coverage on Manulife Financial in a research note on Thursday, October 16th. They set a “buy” rating on the stock. Royal Bank Of Canada boosted their price target on shares of Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday. Weiss Ratings restated a “buy (a-)” rating on shares of Manulife Financial in a research report on Wednesday, October 8th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Friday. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. According to data from MarketBeat.com, Manulife Financial currently has a consensus rating of “Buy” and a consensus 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.