TD Asset Management Inc Purchases 2,079,330 Shares of Manulife Financial Corp $MFC

TD Asset Management Inc boosted its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 5.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,638,463 shares of the financial services provider’s stock after buying an additional 2,079,330 shares during the period. Manulife Financial makes up approximately 1.0% of TD Asset Management Inc’s investment portfolio, making the stock its 21st largest position. TD Asset Management Inc owned about 2.23% of Manulife Financial worth $1,172,922,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in MFC. Root Financial Partners LLC bought a new stake in shares of Manulife Financial during the 3rd quarter worth approximately $25,000. Caldwell Trust Co acquired a new position in Manulife Financial during the second quarter valued at approximately $27,000. Winnow Wealth LLC acquired a new position in Manulife Financial during the second quarter valued at approximately $38,000. Goodman Advisory Group LLC bought a new stake in Manulife Financial during the second quarter worth $39,000. Finally, Clearstead Trust LLC boosted its holdings in shares of Manulife Financial by 144.4% in the 3rd quarter. Clearstead Trust LLC now owns 1,256 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 742 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Trading Down 0.4%

Manulife Financial stock opened at $35.77 on Wednesday. The company has a market capitalization of $59.97 billion, a PE ratio of 16.11 and a beta of 0.83. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $38.72. The stock has a 50-day moving average price of $36.99 and a two-hundred day moving average price of $34.04.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.04. The company had revenue of $11.32 billion for the quarter, compared to analysts’ expectations of $2.32 billion. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.During the same period in the previous year, the business posted $1.03 earnings per share. As a group, analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Wednesday, February 25th will be given a $0.485 dividend. This is an increase from Manulife Financial’s previous quarterly dividend of $0.44. The ex-dividend date is Wednesday, February 25th. This represents a $1.94 annualized dividend and a yield of 5.4%. Manulife Financial’s dividend payout ratio is currently 56.31%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MFC shares. Canadian Imperial Bank of Commerce raised Manulife Financial from a “neutral” rating to an “outperform” rating in a report on Thursday, January 8th. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research note on Thursday, February 5th. Morgan Stanley set a $51.00 target price on Manulife Financial in a research report on Monday, December 15th. Royal Bank Of Canada reissued an “outperform” rating on shares of Manulife Financial in a report on Friday, February 13th. Finally, Weiss Ratings downgraded shares of Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a research note on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. According to data from MarketBeat, Manulife Financial has a consensus rating of “Buy” and a consensus price target of $51.50.

Manulife Financial Profile

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.