Sienna Gestion Buys 16,600 Shares of Manulife Financial Corp $MFC

Sienna Gestion raised its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 11.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 166,739 shares of the financial services provider’s stock after acquiring an additional 16,600 shares during the quarter. Sienna Gestion’s holdings in Manulife Financial were worth $4,858,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Manulife Financial by 0.5% in the first quarter. Vanguard Group Inc. now owns 74,333,649 shares of the financial services provider’s stock worth $2,316,162,000 after acquiring an additional 369,638 shares during the last quarter. TD Asset Management Inc increased its position in Manulife Financial by 6.6% during the 1st quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider’s stock valued at $1,155,639,000 after purchasing an additional 2,289,205 shares during the period. 1832 Asset Management L.P. increased its stake in shares of Manulife Financial by 7.3% in the 1st quarter. 1832 Asset Management L.P. now owns 24,425,465 shares of the financial services provider’s stock valued at $760,853,000 after acquiring an additional 1,660,626 shares in the last quarter. Bank of Nova Scotia increased its stake in shares of Manulife Financial by 7.2% in the 1st quarter. Bank of Nova Scotia now owns 13,990,810 shares of the financial services provider’s stock valued at $436,007,000 after acquiring an additional 937,794 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Manulife Financial by 1.0% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,447,174 shares of the financial services provider’s stock valued at $356,747,000 after acquiring an additional 112,761 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Up 1.5%

Shares of NYSE:MFC opened at $33.33 on Thursday. The stock’s fifty day simple moving average is $31.68 and its two-hundred day simple moving average is $31.26. Manulife Financial Corp has a 1-year low of $25.92 and a 1-year high of $33.36. The stock has a market cap of $56.32 billion, a PE ratio of 14.88, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The company had revenue of $11.30 billion for the quarter. During the same quarter in the previous year, the business posted $0.91 EPS. On average, sell-side analysts forecast that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MFC shares. Royal Bank Of Canada lowered their price objective on shares of Manulife Financial from $51.00 to $49.00 and set an “outperform” rating for the company in a research note on Friday, August 8th. Morgan Stanley set a $47.00 price target on shares of Manulife Financial in a research report on Tuesday, October 7th. Weiss Ratings reissued a “buy (a-)” rating on shares of Manulife Financial in a research report on Wednesday, October 8th. Finally, UBS Group initiated coverage on shares of Manulife Financial in a research report on Thursday, October 16th. They issued a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat, Manulife Financial presently has a consensus rating of “Buy” and an average price target of $48.00.

Manulife Financial 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.