Riverbridge Partners LLC Purchases New Position in Manulife Financial Corp (NYSE:MFC)

Riverbridge Partners LLC bought a new position in Manulife Financial Corp (NYSE:MFCFree Report) (TSE:MFC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 7,057 shares of the financial services provider’s stock, valued at approximately $220,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Advisory Resource Group boosted its holdings in Manulife Financial by 2.8% in the first quarter. Advisory Resource Group now owns 35,854 shares of the financial services provider’s stock worth $1,117,000 after purchasing an additional 981 shares during the last quarter. Johnson Investment Counsel Inc. boosted its holdings in Manulife Financial by 5.7% in the first quarter. Johnson Investment Counsel Inc. now owns 51,066 shares of the financial services provider’s stock worth $1,591,000 after purchasing an additional 2,735 shares during the last quarter. HFG Advisors Inc. purchased a new stake in Manulife Financial in the first quarter worth approximately $229,000. Insigneo Advisory Services LLC boosted its holdings in Manulife Financial by 6.5% in the first quarter. Insigneo Advisory Services LLC now owns 10,613 shares of the financial services provider’s stock worth $331,000 after purchasing an additional 644 shares during the last quarter. Finally, Sagespring Wealth Partners LLC boosted its holdings in Manulife Financial by 9.1% in the first quarter. Sagespring Wealth Partners LLC now owns 8,452 shares of the financial services provider’s stock worth $263,000 after purchasing an additional 705 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

Shares of Manulife Financial stock opened at $30.67 on Friday. The company’s fifty day simple moving average is $30.99 and its 200-day simple moving average is $30.50. The stock has a market capitalization of $52.38 billion, a PE ratio of 16.06, a P/E/G ratio of 1.04 and a beta of 1.01. Manulife Financial Corp has a 1-year low of $23.30 and a 1-year high of $33.07.

Manulife Financial (NYSE:MFCGet Free Report) (TSE:MFC) last issued its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.01). The business had revenue of $1.49 billion for the quarter. Manulife Financial had a return on equity of 15.84% and a net margin of 9.58%. During the same quarter in the previous year, the company earned $0.94 EPS. As a group, research analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st were paid a dividend of $0.3194 per share. This represents a $1.28 annualized dividend and a dividend yield of 4.17%. The ex-dividend date was Wednesday, May 21st. This is a boost from Manulife Financial’s previous quarterly dividend of $0.31. Manulife Financial’s dividend payout ratio (DPR) is currently 67.02%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MFC. Morgan Stanley set a $46.00 target price on shares of Manulife Financial in a report on Monday, May 19th. Royal Bank Of Canada raised their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $45.67.

Get Our Latest Report on MFC

Manulife Financial Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Manulife Financial (NYSE:MFC)

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