MAI Capital Management Acquires 1,932 Shares of Manulife Financial Corp $MFC

MAI Capital Management increased its holdings in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 24.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,943 shares of the financial services provider’s stock after acquiring an additional 1,932 shares during the quarter. MAI Capital Management’s holdings in Manulife Financial were worth $318,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. MUFG Securities EMEA plc lifted its holdings in Manulife Financial by 814.3% during the 2nd quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider’s stock valued at $204,544,000 after purchasing an additional 5,699,999 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Manulife Financial by 134.3% in the first quarter. Goldman Sachs Group Inc. now owns 8,444,479 shares of the financial services provider’s stock valued at $263,046,000 after purchasing an additional 4,840,963 shares during the period. Geode Capital Management LLC raised its position in shares of Manulife Financial by 19.4% in the second quarter. Geode Capital Management LLC now owns 14,008,595 shares of the financial services provider’s stock valued at $453,798,000 after purchasing an additional 2,276,251 shares during the period. Canada Pension Plan Investment Board lifted its stake in shares of Manulife Financial by 30.0% during the 1st quarter. Canada Pension Plan Investment Board now owns 9,653,897 shares of the financial services provider’s stock worth $300,860,000 after buying an additional 2,226,152 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Manulife Financial by 2.7% during 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 buying an additional 2,003,226 shares during the period. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Performance

NYSE:MFC opened at $34.78 on Thursday. The company has a market cap of $58.60 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 1.13 and a beta of 0.98. Manulife Financial Corp has a fifty-two week low of $25.92 and a fifty-two week high of $35.57. The stock has a fifty day moving average price of $32.59 and a 200-day moving average price of $31.63.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, November 12th. The financial services provider reported $0.84 EPS 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 return on equity of 15.77% and a net margin of 10.46%.During the same quarter in the previous year, the business posted $1.00 EPS. Research analysts predict that Manulife Financial Corp will post 2.87 EPS 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. Stockholders of record on Wednesday, November 26th will be given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Wednesday, November 26th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. Manulife Financial’s dividend payout ratio is presently 55.56%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MFC. Weiss Ratings reissued 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. Morgan Stanley set a $47.00 price target on Manulife Financial in a research note on Tuesday, October 7th. Royal Bank Of Canada upped their price objective on Manulife Financial from $49.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, November 14th. Finally, UBS Group assumed coverage on Manulife Financial in a report on Thursday, October 16th. They set a “buy” rating for the company. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $49.50.

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.