Public Sector Pension Investment Board Buys 1,099,400 Shares of Manulife Financial Corp $MFC

Public Sector Pension Investment Board increased its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 660.9% in the second quarter, Holdings Channel.com reports. The institutional investor owned 1,265,746 shares of the financial services provider’s stock after acquiring an additional 1,099,400 shares during the period. Public Sector Pension Investment Board’s holdings in Manulife Financial were worth $40,389,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Eastern Bank grew its holdings in shares of Manulife Financial by 156.1% during the 2nd quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 590 shares during the period. Winnow Wealth LLC purchased a new stake in Manulife Financial in the second quarter worth $38,000. Oliver Lagore Vanvalin Investment Group bought a new position in Manulife Financial in the second quarter worth $55,000. Carderock Capital Management Inc. purchased a new position in Manulife Financial during the second quarter valued at $58,000. Finally, Kozak & Associates Inc. bought a new stake in shares of Manulife Financial during the 2nd quarter valued at $61,000. 52.56% of the stock is owned by institutional investors.

Manulife Financial Trading Down 0.5%

MFC stock opened at $35.47 on Friday. The stock’s 50 day simple moving average is $33.54 and its 200 day simple moving average is $31.94. Manulife Financial Corp has a 12-month low of $25.92 and a 12-month high of $35.88. The stock has a market capitalization of $59.63 billion, a PE ratio of 15.76 and a beta of 0.83.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.10. Manulife Financial had a return on equity of 16.11% and a net margin of 9.81%.The firm had revenue of $12.90 billion during the quarter. During the same quarter in the prior year, the firm earned $1.00 EPS. On average, research analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

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

Wall Street Analysts Forecast Growth

MFC has been the subject of a number of recent research reports. UBS Group began coverage on shares of Manulife Financial in a research report on Thursday, October 16th. They set a “buy” rating for the company. Royal Bank Of Canada lifted their target price on shares of Manulife Financial from $49.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, November 14th. Morgan Stanley set a $47.00 price target on Manulife Financial in a research report on Tuesday, October 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Manulife Financial in a research report on Monday, December 1st. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a report on Friday, November 14th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Manulife Financial has an average rating of “Buy” and an average 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.