Pacifica Partners Inc. Raises Stake in Manulife Financial Corp $MFC

Pacifica Partners Inc. boosted its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 263.0% in the 3rd quarter, Holdings Channel reports. The firm owned 39,702 shares of the financial services provider’s stock after acquiring an additional 28,765 shares during the quarter. Pacifica Partners Inc.’s holdings in Manulife Financial were worth $1,246,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MFC. Caldwell Trust Co purchased a new stake in shares of Manulife Financial in the second quarter worth about $27,000. Eastern Bank grew its stake in Manulife Financial by 156.1% during the second quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 590 shares in the last quarter. Winnow Wealth LLC bought a new stake in Manulife Financial during the 2nd quarter worth approximately $38,000. Goodman Advisory Group LLC bought a new stake in Manulife Financial during the 2nd quarter worth approximately $39,000. Finally, Oliver Lagore Vanvalin Investment Group purchased a new stake in Manulife Financial in the 2nd quarter worth approximately $55,000. 52.56% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MFC. UBS Group initiated coverage on shares of Manulife Financial in a research report on Thursday, October 16th. They set a “buy” rating for the company. Weiss Ratings reissued a “buy (b+)” rating on shares of Manulife Financial in a research note on Monday. Morgan Stanley set a $51.00 target price on Manulife Financial in a research report on Monday. BMO Capital Markets restated an “outperform” rating on shares of Manulife Financial in a research note on Friday, November 14th. Finally, Royal Bank Of Canada lifted their price target on Manulife Financial from $49.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, November 14th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $51.50.

Manulife Financial Stock Performance

Shares of NYSE:MFC opened at $36.15 on Friday. Manulife Financial Corp has a 52-week low of $25.92 and a 52-week high of $36.23. The firm has a fifty day moving average of $33.83 and a 200 day moving average of $32.05. The firm has a market capitalization of $60.78 billion, a PE ratio of 16.07 and a beta of 0.83.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Manulife Financial had a return on equity of 16.11% and a net margin of 9.81%.The business had revenue of $12.90 billion for the quarter. During the same quarter in the previous year, the business earned $1.00 EPS. On average, sell-side analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current fiscal 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 of this dividend is Wednesday, November 26th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.9%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.32. Manulife Financial’s 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.