Jupiter Topco LLC Purchases New Position in Manulife Financial Corp $MFC

Jupiter Topco LLC purchased a new stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 179,441 shares of the financial services provider’s stock, valued at approximately $7,269,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Basepoint Wealth LLC purchased a new position in shares of Manulife Financial during the fourth quarter valued at approximately $25,000. Addison Advisors LLC purchased a new stake in Manulife Financial in the second quarter worth $25,000. Hantz Financial Services Inc. bought a new stake in Manulife Financial in the fourth quarter valued at $28,000. Canerector Inc. boosted its holdings in Manulife Financial by 27.0% in the first quarter. Canerector Inc. now owns 800,000 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 170,000 shares in the last quarter. Finally, Sfam LLC purchased a new position in Manulife Financial during the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Wall Street Analyst Weigh In

MFC has been the subject of several research reports. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Friday, August 7th. Weiss Ratings raised shares of Manulife Financial from a “buy (a-)” rating to a “buy (a)” rating in a research note on Wednesday, August 19th. TD Securities reiterated a “buy” rating on shares of Manulife Financial in a research report on Thursday, August 6th. Royal Bank Of Canada increased their price target on shares of Manulife Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Manulife Financial in a report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $59.00.

Manulife Financial Trading Up 0.1%

MFC opened at $42.82 on Monday. The stock has a fifty day simple moving average of $42.72 and a two-hundred day simple moving average of $39.09. The company has a market cap of $71.16 billion, a price-to-earnings ratio of 15.98 and a beta of 0.84. Manulife Financial Corp has a 12-month low of $30.20 and a 12-month high of $45.33.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.01. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The firm had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter in the previous year, the business posted $0.95 EPS. The company’s quarterly revenue was up 7.3% on a year-over-year basis. On average, analysts predict that Manulife Financial Corp will post 3.03 EPS for the current year.

Manulife Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, August 21st will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Friday, August 21st. Manulife Financial’s dividend payout ratio (DPR) is 51.49%.

Manulife Financial 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.