Franklin Resources Inc. Has $58.51 Million Stake in Manulife Financial Corp $MFC

Franklin Resources Inc. trimmed its holdings in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 3.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,828,716 shares of the financial services provider’s stock after selling 59,574 shares during the period. Franklin Resources Inc. owned 0.11% of Manulife Financial worth $58,505,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MFC. Stratos Wealth Partners LTD. boosted its position in shares of Manulife Financial by 25.8% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 46,218 shares of the financial services provider’s stock worth $1,477,000 after purchasing an additional 9,478 shares during the last quarter. Cidel Asset Management Inc. increased its holdings in Manulife Financial by 2.9% in the second quarter. Cidel Asset Management Inc. now owns 496,570 shares of the financial services provider’s stock valued at $15,845,000 after purchasing an additional 14,088 shares during the last quarter. CWM LLC lifted its stake in Manulife Financial by 211.8% in the second quarter. CWM LLC now owns 51,378 shares of the financial services provider’s stock valued at $1,642,000 after buying an additional 34,902 shares during the period. Value Partners Investments Inc. boosted its holdings in Manulife Financial by 16,609.6% during the second quarter. Value Partners Investments Inc. now owns 1,519,407 shares of the financial services provider’s stock worth $48,490,000 after buying an additional 1,510,314 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Manulife Financial by 5.8% during the first quarter. JPMorgan Chase & Co. now owns 9,501,434 shares of the financial services provider’s stock worth $295,970,000 after buying an additional 521,451 shares during the last quarter. 52.56% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MFC. Morgan Stanley set a $47.00 price target on Manulife Financial in a research note on Tuesday, October 7th. UBS Group assumed coverage on shares of Manulife Financial in a report on Thursday, October 16th. They set a “buy” rating for the company. Royal Bank Of Canada upped their target price on shares of Manulife Financial from $49.00 to $52.00 and gave the company an “outperform” rating in a research note on Friday, November 14th. BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a research report on Friday, November 14th. Finally, Weiss Ratings lowered shares of Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a report on Monday, November 17th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $49.50.

Manulife Financial Stock Up 0.9%

Shares of MFC stock opened at $34.87 on Tuesday. The company has a market capitalization of $58.75 billion, a price-to-earnings ratio of 15.57, a P/E/G ratio of 1.13 and a beta of 0.98. Manulife Financial Corp has a 12-month low of $25.92 and a 12-month high of $35.57. The firm has a fifty day moving average of $32.44 and a 200-day moving average of $31.58.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $12.90 billion during the quarter. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. During the same period in the previous year, the company posted $1.00 earnings per share. On average, equities analysts expect that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Wednesday, November 26th will be issued a dividend of $0.44 per share. The ex-dividend date is Wednesday, November 26th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.0%. Manulife Financial’s dividend payout ratio is 55.56%.

About Manulife Financial

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.