TD Asset Management Inc Buys 2,079,330 Shares of Manulife Financial Corp $MFC

TD Asset Management Inc boosted its stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 5.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 37,638,463 shares of the financial services provider’s stock after buying an additional 2,079,330 shares during the quarter. Manulife Financial comprises approximately 1.0% of TD Asset Management Inc’s investment portfolio, making the stock its 21st largest holding. TD Asset Management Inc’s holdings in Manulife Financial were worth $1,172,922,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Brighton Jones LLC increased its stake in shares of Manulife Financial by 33.9% in the fourth quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider’s stock valued at $288,000 after buying an additional 2,376 shares during the period. AQR Capital Management LLC lifted its stake in shares of Manulife Financial by 179.7% in the first quarter. AQR Capital Management LLC now owns 28,362 shares of the financial services provider’s stock worth $872,000 after acquiring an additional 18,222 shares during the period. Empowered Funds LLC boosted its holdings in Manulife Financial by 18.7% in the first quarter. Empowered Funds LLC now owns 56,418 shares of the financial services provider’s stock valued at $1,757,000 after acquiring an additional 8,900 shares during the last quarter. Sivia Capital Partners LLC increased its position in Manulife Financial by 13.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 7,843 shares of the financial services provider’s stock valued at $251,000 after purchasing an additional 909 shares during the period. Finally, Focus Partners Advisor Solutions LLC raised its holdings in Manulife Financial by 7.7% during the 2nd quarter. Focus Partners Advisor Solutions LLC now owns 11,936 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 850 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on MFC shares. Weiss Ratings downgraded shares of Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a research report on Friday, February 13th. Canadian Imperial Bank of Commerce raised shares of Manulife Financial from a “neutral” rating to an “outperform” rating in a research note on Thursday, January 8th. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Thursday, February 5th. Morgan Stanley set a $51.00 price target on Manulife Financial in a report on Monday, December 15th. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of Manulife Financial in a research report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $51.50.

Manulife Financial Stock Down 0.4%

Manulife Financial stock opened at $35.77 on Wednesday. The company has a market capitalization of $59.97 billion, a PE ratio of 16.11 and a beta of 0.83. Manulife Financial Corp has a 12-month low of $25.92 and a 12-month high of $38.72. The firm’s fifty day moving average is $36.99 and its 200 day moving average is $34.04.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.04. Manulife Financial had a net margin of 9.18% and a return on equity of 16.43%. The business had revenue of $11.32 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same period last year, the company posted $1.03 earnings per share. Sell-side analysts expect 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 Thursday, March 19th. Stockholders of record on Wednesday, February 25th will be paid a $0.485 dividend. The ex-dividend date is Wednesday, February 25th. This represents a $1.94 annualized dividend and a dividend yield of 5.4%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.44. Manulife Financial’s dividend payout ratio (DPR) is 56.31%.

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.