Manulife Financial Corp $MFC Shares Acquired by Prudential PLC

Prudential PLC lifted its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 59.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 93,395 shares of the financial services provider’s stock after buying an additional 34,916 shares during the quarter. Prudential PLC’s holdings in Manulife Financial were worth $2,988,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MFC. Eastern Bank grew its holdings in Manulife Financial by 156.1% in the second quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 590 shares during the period. Winnow Wealth LLC acquired a new position in Manulife Financial during the second quarter valued at approximately $38,000. William B. Walkup & Associates Inc. acquired a new position in Manulife Financial during the first quarter valued at approximately $43,000. Oliver Lagore Vanvalin Investment Group purchased a new stake in Manulife Financial during the second quarter worth approximately $55,000. Finally, Carderock Capital Management Inc. acquired a new stake in shares of Manulife Financial in the second quarter worth $58,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

Shares of MFC stock opened at $34.54 on Friday. The company’s fifty day moving average price is $32.38 and its two-hundred day moving average price is $31.55. The firm has a market capitalization of $58.20 billion, a P/E ratio of 15.42, a P/E/G ratio of 1.13 and a beta of 0.98. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $35.57.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The business 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 period in the previous year, the firm posted $1.00 earnings per share. On average, sell-side analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Wednesday, November 26th will be paid a dividend of $0.44 per share. This is an increase from Manulife Financial’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, November 26th. This represents a $1.76 annualized dividend and a dividend yield of 5.1%. Manulife Financial’s dividend payout ratio (DPR) is currently 55.56%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MFC. Royal Bank Of Canada lifted their target price on shares of Manulife Financial from $49.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, November 14th. BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a research report on Friday, November 14th. UBS Group started coverage on Manulife Financial in a research note on Thursday, October 16th. They set a “buy” rating on the stock. Weiss Ratings lowered Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a research note on Monday, November 17th. Finally, Morgan Stanley set a $47.00 target price on Manulife Financial in a report on Tuesday, October 7th. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $49.50.

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.