Letko Brosseau & Associates Inc. increased its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 2.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,597,533 shares of the financial services provider’s stock after buying an additional 598,114 shares during the period. Manulife Financial accounts for 4.1% of Letko Brosseau & Associates Inc.’s holdings, making the stock its 2nd largest position. Letko Brosseau & Associates Inc. owned 1.15% of Manulife Financial worth $411,572,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cullen Frost Bankers Inc. raised its position in shares of Manulife Financial by 72.7% in the second quarter. Cullen Frost Bankers Inc. now owns 1,900 shares of the financial services provider’s stock valued at $35,000 after buying an additional 800 shares in the last quarter. Rehmann Capital Advisory Group raised its position in Manulife Financial by 206.3% during the first quarter. Rehmann Capital Advisory Group now owns 2,205 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 1,485 shares in the last quarter. Manchester Financial Inc. acquired a new position in Manulife Financial during the second quarter valued at approximately $41,000. Bremer Bank National Association acquired a new position in Manulife Financial during the first quarter valued at approximately $42,000. Finally, Bessemer Group Inc. acquired a new position in Manulife Financial during the second quarter valued at approximately $45,000. Institutional investors own 46.93% of the company’s stock.
Several brokerages have commented on MFC. ValuEngine downgraded shares of Manulife Financial from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Zacks Investment Research upgraded shares of Manulife Financial from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Tuesday, July 23rd. Finally, Barclays restated a “buy” rating and set a $29.00 price objective on shares of Manulife Financial in a research report on Sunday, May 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. Manulife Financial has a consensus rating of “Buy” and an average price target of $25.67.
Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.01). Manulife Financial had a net margin of 9.36% and a return on equity of 13.27%. The firm had revenue of $16.60 billion for the quarter. During the same period in the prior year, the company posted $0.70 EPS. On average, analysts anticipate that Manulife Financial Co. will post 2.21 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Tuesday, August 20th will be issued a dividend of $0.189 per share. The ex-dividend date of this dividend is Monday, August 19th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.13. This represents a $0.76 annualized dividend and a dividend yield of 4.59%. Manulife Financial’s dividend payout ratio is 35.55%.
About Manulife Financial
Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing.
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