Mackenzie Financial Corp Has $866.65 Million Position in Manulife Financial Corp $MFC

Mackenzie Financial Corp boosted its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 25.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,822,300 shares of the financial services provider’s stock after purchasing an additional 5,671,639 shares during the period. Manulife Financial comprises about 1.0% of Mackenzie Financial Corp’s holdings, making the stock its 19th largest holding. Mackenzie Financial Corp owned about 1.65% of Manulife Financial worth $866,649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in MFC. Root Financial Partners LLC acquired a new position in shares of Manulife Financial during the third quarter worth $25,000. Caldwell Trust Co acquired a new stake in shares of Manulife Financial during the 2nd quarter valued at $27,000. American Wealth Advisors LLC bought a new stake in Manulife Financial during the 3rd quarter worth $36,000. Winnow Wealth LLC bought a new stake in Manulife Financial during the 2nd quarter worth $38,000. Finally, Goodman Advisory Group LLC acquired a new position in Manulife Financial in the 2nd quarter worth about $39,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Stock Up 1.0%

Shares of NYSE:MFC opened at $33.75 on Wednesday. The firm has a market cap of $56.59 billion, a P/E ratio of 15.20 and a beta of 0.83. Manulife Financial Corp has a 12-month low of $25.92 and a 12-month high of $38.72. The business has a fifty day simple moving average of $36.63 and a 200 day simple moving average of $34.34.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. The firm had revenue of $11.32 billion for the quarter, compared to analyst estimates of $2.32 billion. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.During the same quarter in the previous year, the company posted $1.03 EPS. As a group, equities research analysts expect that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Wednesday, February 25th will be issued a $0.485 dividend. The ex-dividend date is Wednesday, February 25th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.44. This represents a $1.94 annualized dividend and a yield of 5.7%. Manulife Financial’s dividend payout ratio (DPR) is currently 63.96%.

Analyst Ratings Changes

MFC has been the subject of several research reports. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Thursday, February 5th. Canadian Imperial Bank of Commerce upgraded Manulife Financial from a “neutral” rating to an “outperform” rating in a report on Thursday, January 8th. Morgan Stanley set a $51.00 price objective on Manulife Financial in a research note on Monday, December 15th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Manulife Financial in a report on Friday, February 13th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Manulife Financial in a research report on Friday, November 14th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $51.50.

Manulife Financial Company 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.