International Assets Investment Management LLC Takes Position in Manulife Financial Co. (NYSE:MFC)

International Assets Investment Management LLC purchased a new stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 32,365 shares of the financial services provider’s stock, valued at approximately $956,000.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Manulife Financial by 1.0% in the first quarter. Vanguard Group Inc. now owns 72,289,251 shares of the financial services provider’s stock worth $1,806,508,000 after buying an additional 727,764 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Manulife Financial by 14.8% in the 1st quarter. National Bank of Canada FI now owns 28,803,968 shares of the financial services provider’s stock valued at $749,435,000 after acquiring an additional 3,720,693 shares during the last quarter. Toronto Dominion Bank boosted its position in Manulife Financial by 3.2% in the 2nd quarter. Toronto Dominion Bank now owns 24,057,503 shares of the financial services provider’s stock worth $640,411,000 after purchasing an additional 750,422 shares in the last quarter. 1832 Asset Management L.P. raised its position in Manulife Financial by 34.3% during the second quarter. 1832 Asset Management L.P. now owns 19,723,609 shares of the financial services provider’s stock worth $525,042,000 after acquiring an additional 5,036,716 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Manulife Financial by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider’s stock worth $393,592,000 after purchasing an additional 75,244 shares during the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MFC. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Barclays began coverage on shares of Manulife Financial in a report on Thursday, September 5th. They issued an “equal weight” rating on the stock. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $35.67.

Manulife Financial Stock Performance

Shares of NYSE:MFC opened at $29.70 on Tuesday. The stock has a fifty day moving average of $29.08 and a 200-day moving average of $26.88. The company has a market capitalization of $52.24 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 1.06 and a beta of 1.08. Manulife Financial Co. has a one year low of $18.05 and a one year high of $30.86.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.27. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. The company had revenue of $9.41 billion for the quarter, compared to the consensus estimate of $8.95 billion. During the same quarter in the previous year, the firm posted $0.62 EPS. As a group, research analysts forecast that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend was Wednesday, August 21st. Manulife Financial’s dividend payout ratio (DPR) is presently 67.05%.

Manulife Financial Company 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.