Geode Capital Management LLC Has $453.80 Million Position in Manulife Financial Corp $MFC

Geode Capital Management LLC grew its position in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 19.4% in the second quarter, HoldingsChannel.com reports. The fund owned 14,008,595 shares of the financial services provider’s stock after buying an additional 2,276,251 shares during the period. Geode Capital Management LLC’s holdings in Manulife Financial were worth $453,798,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Manulife Financial by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 74,333,649 shares of the financial services provider’s stock valued at $2,316,162,000 after purchasing an additional 369,638 shares during the last quarter. TD Asset Management Inc raised its stake in Manulife Financial by 6.6% in the first quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider’s stock valued at $1,155,639,000 after buying an additional 2,289,205 shares during the period. 1832 Asset Management L.P. lifted its position in shares of Manulife Financial by 7.3% in the first quarter. 1832 Asset Management L.P. now owns 24,425,465 shares of the financial services provider’s stock valued at $760,853,000 after buying an additional 1,660,626 shares during the last quarter. Bank of Nova Scotia boosted its stake in shares of Manulife Financial by 7.2% during the 1st quarter. Bank of Nova Scotia now owns 13,990,810 shares of the financial services provider’s stock worth $436,007,000 after acquiring an additional 937,794 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Manulife Financial by 5.0% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,015,008 shares of the financial services provider’s stock worth $384,409,000 after acquiring an additional 567,834 shares during the last quarter. 52.56% of the stock is owned by institutional investors.

Manulife Financial Trading Down 0.1%

Shares of MFC opened at $34.39 on Friday. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $35.57. The firm’s 50 day moving average is $32.12 and its 200-day moving average is $31.45. The stock has a market capitalization of $57.95 billion, a PE ratio of 15.35, a P/E/G ratio of 1.13 and a beta of 0.98.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, November 12th. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $12.90 billion for the quarter. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.During the same quarter last year, the business earned $1.00 EPS. Equities research analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Wednesday, November 26th will be given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Wednesday, November 26th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. Manulife Financial’s dividend payout ratio is presently 55.56%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on MFC shares. BMO Capital Markets reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Friday. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Manulife Financial in a report on Wednesday, October 8th. Morgan Stanley set a $47.00 price target on shares of Manulife Financial in a research note on Tuesday, October 7th. Royal Bank Of Canada raised their price objective on shares of Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, UBS Group assumed coverage on Manulife Financial in a report on Thursday, October 16th. They set a “buy” rating for the company. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. According to MarketBeat.com, Manulife Financial presently has an average rating of “Buy” and a consensus target price of $49.50.

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.