Healthcare of Ontario Pension Plan Trust Fund Makes New Investment in Manulife Financial Co. (NYSE:MFC)

Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) during the third quarter, according to the company in its most recent filing with the SEC. The fund acquired 589,200 shares of the financial services provider’s stock, valued at approximately $17,412,000.

Other institutional investors have also recently added to or reduced their stakes in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Manulife Financial by 1,210.7% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,161,059 shares of the financial services provider’s stock valued at $30,922,000 after purchasing an additional 1,072,474 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Manulife Financial by 0.5% in the 2nd quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider’s stock valued at $393,592,000 after purchasing an additional 75,244 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Manulife Financial by 3.2% in the 2nd quarter. Toronto Dominion Bank now owns 24,057,503 shares of the financial services provider’s stock valued at $640,411,000 after purchasing an additional 750,422 shares in the last quarter. Sumitomo Life Insurance Co. acquired a new stake in shares of Manulife Financial in the 2nd quarter valued at about $794,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Manulife Financial in the 3rd quarter valued at about $956,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Stock Up 0.1 %

MFC opened at $31.89 on Friday. The firm has a market cap of $55.87 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. Manulife Financial Co. has a fifty-two week low of $19.20 and a fifty-two week high of $33.07. The company’s 50-day moving average price is $30.66 and its 200 day moving average price is $27.86.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.30. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. The firm had revenue of $10.69 billion for the quarter, compared to analyst estimates of $9.73 billion. During the same quarter in the prior year, the business earned $0.69 earnings per share. Research analysts anticipate that Manulife Financial Co. will post 2.72 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be given a $0.296 dividend. This is a boost from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date is Wednesday, November 20th. This represents a $1.18 annualized dividend and a yield of 3.71%. Manulife Financial’s dividend payout ratio is 57.00%.

Wall Street Analysts Forecast Growth

MFC has been the topic of a number of recent analyst reports. Barclays initiated coverage on shares of Manulife Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating on the stock. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Manulife Financial currently has a consensus rating of “Buy” and an average target price of $37.50.

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.