Toronto Dominion Bank trimmed its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 29.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,685,821 shares of the financial services provider’s stock after selling 3,632,673 shares during the period. Toronto Dominion Bank owned approximately 0.44% of Manulife Financial worth $157,825,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the stock. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Manulife Financial in the 2nd quarter valued at approximately $30,000. Maverick Capital Ltd. purchased a new position in Manulife Financial in the 2nd quarter valued at approximately $2,044,000. Prudential PLC grew its stake in Manulife Financial by 217.7% in the 2nd quarter. Prudential PLC now owns 4,099,032 shares of the financial services provider’s stock valued at $74,144,000 after buying an additional 2,808,819 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. grew its stake in Manulife Financial by 9.8% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 58,943 shares of the financial services provider’s stock valued at $1,074,000 after buying an additional 5,248 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. grew its stake in Manulife Financial by 47.2% in the 2nd quarter. Beutel Goodman & Co Ltd. now owns 11,541,544 shares of the financial services provider’s stock valued at $209,752,000 after buying an additional 3,699,874 shares in the last quarter. Institutional investors and hedge funds own 45.91% of the company’s stock.
MFC has been the subject of a number of recent research reports. ValuEngine lowered shares of Manulife Financial from a “hold” rating to a “sell” rating in a research note 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 target for the company in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $25.67.
Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates 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 period in the prior year, the business earned $0.70 EPS. Equities analysts anticipate that Manulife Financial Co. will post 2.21 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Tuesday, August 20th were given a dividend of $0.189 per share. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.13. This represents a $0.76 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date was Monday, August 19th. Manulife Financial’s payout ratio is 36.02%.
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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