Galibier Capital Management Ltd. lifted its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 13.2% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,471,864 shares of the financial services provider’s stock after buying an additional 171,527 shares during the quarter. Manulife Financial makes up 12.2% of Galibier Capital Management Ltd.’s holdings, making the stock its 2nd largest holding. Galibier Capital Management Ltd. owned 0.08% of Manulife Financial worth $26,807,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MFC. Caisse DE Depot ET Placement DU Quebec lifted its stake in Manulife Financial by 1.1% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 38,517,566 shares of the financial services provider’s stock worth $651,594,000 after purchasing an additional 427,756 shares in the last quarter. Letko Brosseau & Associates Inc. raised its position in shares of Manulife Financial by 2.7% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 22,597,533 shares of the financial services provider’s stock valued at $411,572,000 after buying an additional 598,114 shares in the last quarter. Great West Life Assurance Co. Can raised its position in shares of Manulife Financial by 2.1% during the 1st quarter. Great West Life Assurance Co. Can now owns 20,324,434 shares of the financial services provider’s stock valued at $342,587,000 after buying an additional 416,167 shares in the last quarter. FIL Ltd raised its position in shares of Manulife Financial by 10.6% during the 1st quarter. FIL Ltd now owns 15,780,870 shares of the financial services provider’s stock valued at $266,882,000 after buying an additional 1,506,213 shares in the last quarter. Finally, Toronto Dominion Bank raised its position in shares of Manulife Financial by 31.3% during the 1st quarter. Toronto Dominion Bank now owns 12,318,494 shares of the financial services provider’s stock valued at $208,355,000 after buying an additional 2,934,180 shares in the last quarter. Institutional investors own 46.93% of the company’s stock.
Several brokerages have recently issued reports on MFC. ValuEngine cut shares of Manulife Financial from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Barclays restated a “buy” rating and set a $29.00 target price on shares of Manulife Financial in a research report on Sunday, May 5th. Finally, Zacks Investment Research upgraded shares of Manulife Financial from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $25.67.
NYSE:MFC traded up $0.28 during mid-day trading on Friday, hitting $16.74. 1,018,900 shares of the stock traded hands, compared to its average volume of 2,024,206. The stock has a market capitalization of $32.28 billion, a price-to-earnings ratio of 7.93, a PEG ratio of 0.75 and a beta of 1.38. Manulife Financial Co. has a 52 week low of $13.33 and a 52 week high of $18.95. The firm’s 50 day moving average is $17.94 and its two-hundred day moving average is $17.46.
Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results 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). The firm had revenue of $16.60 billion for the quarter. Manulife Financial had a net margin of 9.36% and a return on equity of 13.27%. During the same quarter last year, the firm earned $0.70 EPS. Research analysts predict that Manulife Financial Co. will post 2.21 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Tuesday, August 20th will be issued a dividend of $0.189 per share. This represents a $0.76 annualized dividend and a yield of 4.52%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.13. The ex-dividend date is Monday, August 19th. Manulife Financial’s dividend payout ratio is presently 35.55%.
Manulife Financial Profile
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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