TD Asset Management Inc Buys 542,834 Shares of Manulife Financial Corp $MFC

by · The Markets Daily

TD Asset Management Inc grew its stake in Manulife Financial Corp (NYSE:MFC – Free Report) (TSE:MFC) by 1.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 38,181,297 shares of the financial services provider’s stock after acquiring an additional 542,834 shares during the period. Manulife Financial makes up 1.1% of TD Asset Management Inc’s investment portfolio, making the stock its 18th largest position. TD Asset Management Inc’s holdings in Manulife Financial were worth $1,388,259,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Basepoint Wealth LLC bought a new stake in shares of Manulife Financial in the 4th quarter valued at about $25,000. Hantz Financial Services Inc. bought a new stake in Manulife Financial during the 4th quarter worth approximately $28,000. Blueline Advisors LLC bought a new stake in Manulife Financial during the 4th quarter worth approximately $34,000. Wolff Wiese Magana LLC increased its stake in Manulife Financial by 269.2% during the 4th quarter. Wolff Wiese Magana LLC now owns 960 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 700 shares in the last quarter. Finally, Steigerwald Gordon & Koch Inc. increased its stake in Manulife Financial by 208.8% during the 4th quarter. Steigerwald Gordon & Koch Inc. now owns 1,022 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 691 shares in the last quarter. 52.56% of the stock is owned by institutional investors.

Manulife Financial Price Performance

Shares of Manulife Financial stock opened at $38.18 on Thursday. The firm has a market cap of $63.71 billion, a price-to-earnings ratio of 15.15 and a beta of 0.84. The stock’s 50-day moving average is $37.62 and its 200-day moving average is $36.52. Manulife Financial Corp has a one year low of $29.70 and a one year high of $40.40.

Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) last issued its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.02). Manulife Financial had a return on equity of 16.58% and a net margin of 10.19%.The business had revenue of $8.89 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the prior year, the business earned $0.99 earnings per share. On average, equities analysts expect that Manulife Financial Corp will post 3.2 EPS for the current year.

Manulife Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, May 29th will be issued a $0.485 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.1%. Manulife Financial’s dividend payout ratio (DPR) is 56.75%.

Analysts Set New Price Targets

A number of research firms recently issued reports on MFC. Weiss Ratings raised Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Thursday, May 28th. TD Securities reissued a “buy” rating on shares of Manulife Financial in a research note on Thursday, May 14th. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Wednesday, April 29th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Friday, February 13th. Two research analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $51.50.

Read Our Latest Stock Report on MFC

About Manulife Financial

(Free Report)

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

Featured Stories

Want to see what other hedge funds are holding MFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Manulife Financial Corp (NYSE:MFC – Free Report) (TSE:MFC).