Barometer Capital Management Inc. Buys New Stake in Manulife Financial Corp $MFC

Barometer Capital Management Inc. purchased a new position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 73,700 shares of the financial services provider’s stock, valued at approximately $2,538,000. Manulife Financial makes up 1.0% of Barometer Capital Management Inc.’s portfolio, making the stock its 24th biggest holding.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Brighton Jones LLC increased its position in shares of Manulife Financial by 33.9% during the fourth quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider’s stock worth $288,000 after purchasing an additional 2,376 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Manulife Financial by 179.7% in the 1st quarter. AQR Capital Management LLC now owns 28,362 shares of the financial services provider’s stock valued at $872,000 after purchasing an additional 18,222 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Manulife Financial by 18.7% in the 1st quarter. Empowered Funds LLC now owns 56,418 shares of the financial services provider’s stock valued at $1,757,000 after purchasing an additional 8,900 shares during the period. Sivia Capital Partners LLC boosted its position in shares of Manulife Financial by 13.1% in 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, MUFG Securities EMEA plc grew its stake 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 worth $204,544,000 after buying an additional 5,699,999 shares during the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Stock Up 0.7%

NYSE MFC opened at $42.81 on Wednesday. Manulife Financial Corp has a 52-week low of $29.70 and a 52-week high of $43.56. The business’s 50-day moving average price is $40.03 and its 200 day moving average price is $37.81. The firm has a market cap of $71.14 billion, a P/E ratio of 16.99 and a beta of 0.84.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.02). The company had revenue of $8.89 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. During the same quarter last year, the business posted $0.99 earnings per share. As a group, analysts anticipate that Manulife Financial Corp will post 3.03 earnings per share for the current year.

Manulife Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, May 29th were issued a dividend of $0.485 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.94 annualized dividend and a dividend yield of 4.5%. Manulife Financial’s dividend payout ratio (DPR) is currently 56.75%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Weiss Ratings raised Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, May 28th. TD Securities reissued a “buy” rating on shares of Manulife Financial in a report on Thursday, May 14th. Zacks Research cut shares of Manulife Financial from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. Finally, Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $51.50.

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.