As of September 10, 2023, it has been reported that Mirova, an institutional investor, has acquired a new position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) during the first quarter. According to its latest disclosure with the Securities and Exchange Commission (SEC), Mirova purchased 7,241 shares of the financial services provider’s stock, valuing approximately $133,000.
Manulife Financial (NYSE:MFC) (TSE:MFC) recently announced its earnings results on August 9th. The company reported earnings per share (EPS) of $0.62 for the quarter, surpassing the consensus estimate of $0.60 by $0.02. Its revenue for the quarter amounted to $9 billion, which fell short of analyst estimates standing at $11.31 billion. Manulife Financial recorded a return on equity of 13.53% and a net margin of 11.87%. Currently, research analysts have projected that Manulife Financial Co. will post earnings per share of 2.44 for the current year.
Investors are advised to refer to our latest stock report on MFC for further analysis and insights into Manulife Financial’s performance in the market.
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Institutional Investors Increase Stakes in Manulife Financial (MFC) as Stock Performance Holds Strong
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”DIS” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Manulife Financial (MFC) recently saw some activity from institutional investors, with BlackRock Inc. increasing its stake in the company by 10.1% during the first quarter of this year, now owning 878,359 shares worth $18,753,000. Raymond James Trust N.A. also increased its holdings by 7.9%, and Cetera Investment Advisers bought a new stake worth approximately $428,000 during the same period.
Furthermore, Moors & Cabot Inc. and Sequoia Financial Advisors LLC both increased their holdings in Manulife Financial during the first quarter, by 2.3% and 32.7% respectively. Moors & Cabot Inc. now owns 43,078 shares worth $920,000 while Sequoia Financial Advisors LLC holds 14,560 shares worth $311,000.
Overall, it is estimated that institutional investors and hedge funds own around 45.02% of the company’s stock.
As for its stock performance on Friday, MFC opened at $18.43 with a market cap of $33.70 billion and a PE ratio of 8.65. The stock has a beta of 1.12 and boasts a P/E/G ratio of 0.76.
Looking at its moving averages over the past few months, Manulife Financial has had a 50-day moving average of $18.90 and a 200-day moving average of $18.96.
In terms of dividends, Manulife Financial recently announced an increase in its quarterly dividend to be paid on Tuesday, September 19th to investors on record as of Wednesday, August 23rd.These shareholders will receive a dividend payment of $0.276 per share- an increase from the previous quarterly dividend amount of $0.27 per share.The ex-dividend date for this particular payout was set for Tuesday,August 22nd. The annualized dividend payout for Manulife Financial currently stands at $1.10 per share, with a yield of 5.99%.
Analysts have also shared their thoughts on MFC shares, with Barclays raising their price objective from $31.00 to $33.00 and giving the stock an “overweight” rating in a report published on Friday, August 11th. Additionally, StockNews.com initiated coverage of Manulife Financial with a “hold” rating for the company.
As we move forward into September 2023, investors and analysts will continue to closely monitor the developments surrounding Manulife Financial and its performance in the market.
