Eastern Bank Boosts Position in Manulife Financial Corp $MFC

by · The Markets Daily

Eastern Bank boosted its holdings in Manulife Financial Corp (NYSE:MFC – Free Report) (TSE:MFC) by 156.1% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 968 shares of the financial services provider’s stock after purchasing an additional 590 shares during the quarter. Eastern Bank’s holdings in Manulife Financial were worth $31,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. JCIC Asset Management Inc. grew its position in Manulife Financial by 5.6% in the first quarter. JCIC Asset Management Inc. now owns 6,749 shares of the financial services provider’s stock valued at $210,000 after acquiring an additional 360 shares in the last quarter. Blair William & Co. IL grew its position in Manulife Financial by 1.9% in the first quarter. Blair William & Co. IL now owns 19,878 shares of the financial services provider’s stock valued at $619,000 after acquiring an additional 377 shares in the last quarter. Sachetta LLC grew its position in Manulife Financial by 15.2% in the second quarter. Sachetta LLC now owns 3,005 shares of the financial services provider’s stock valued at $96,000 after acquiring an additional 396 shares in the last quarter. Pacer Advisors Inc. grew its position in Manulife Financial by 3.0% in the first quarter. Pacer Advisors Inc. now owns 15,405 shares of the financial services provider’s stock valued at $480,000 after acquiring an additional 444 shares in the last quarter. Finally, PDS Planning Inc grew its position in Manulife Financial by 4.4% in the second quarter. PDS Planning Inc now owns 11,117 shares of the financial services provider’s stock valued at $355,000 after acquiring an additional 464 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Manulife Financial in a research report on Wednesday, October 8th. Morgan Stanley set a $47.00 price target on shares of Manulife Financial in a research report on Tuesday, October 7th. Finally, Royal Bank Of Canada decreased their price target on shares of Manulife Financial from $51.00 to $49.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $48.00.

Check Out Our Latest Stock Analysis on Manulife Financial

Manulife Financial Price Performance

Manulife Financial stock opened at $32.10 on Tuesday. The company has a market cap of $54.39 billion, a PE ratio of 14.33, a P/E/G ratio of 1.09 and a beta of 0.98. The company has a fifty day moving average price of $31.00 and a two-hundred day moving average price of $30.85. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $33.07.

Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.02). The business had revenue of $11.30 billion during the quarter. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.During the same period in the previous year, the company posted $0.91 earnings per share. Equities research analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th were issued a $0.3199 dividend. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.28 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Wednesday, August 20th. Manulife Financial’s dividend payout ratio is presently 56.70%.

About Manulife Financial

(Free Report)

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.

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