87,776 Shares in Manulife Financial Corp $MFC Bought by Corient Private Wealth LP

Corient Private Wealth LP acquired a new stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 87,776 shares of the financial services provider’s stock, valued at approximately $3,556,000.

Other institutional investors have also recently made changes to their positions in the company. Basepoint Wealth LLC purchased a new position in shares of Manulife Financial in the fourth quarter worth $25,000. Addison Advisors LLC bought a new stake in Manulife Financial in the 2nd quarter worth approximately $25,000. First Bancorp Inc ME bought a new stake in Manulife Financial in the 2nd quarter worth approximately $26,000. Hantz Financial Services Inc. purchased a new stake in shares of Manulife Financial during the 4th quarter worth approximately $28,000. Finally, Canerector Inc. raised its holdings in shares of Manulife Financial by 27.0% during the 1st quarter. Canerector Inc. now owns 800,000 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 170,000 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Performance

Shares of MFC stock opened at $42.18 on Wednesday. Manulife Financial Corp has a 1 year low of $30.20 and a 1 year high of $45.33. The stock has a fifty day moving average of $42.80 and a two-hundred day moving average of $39.15. The firm has a market capitalization of $70.10 billion, a PE ratio of 15.74 and a beta of 0.84.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.01. The company had revenue of $2.22 billion for the quarter, compared to analyst estimates of $7.28 billion. Manulife Financial had a return on equity of 16.68% and a net margin of 9.99%.The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company earned $0.95 earnings per share. Equities research analysts predict that Manulife Financial Corp will post 3.03 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, August 21st will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Friday, August 21st. Manulife Financial’s payout ratio is 51.49%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Royal Bank Of Canada boosted their price target on shares of Manulife Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. TD Securities reiterated a “buy” rating on shares of Manulife Financial in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of Manulife Financial from a “buy (a-)” rating to a “buy (a)” rating in a report on Wednesday, August 19th. BMO Capital Markets reiterated an “outperform” rating on shares of Manulife Financial in a research report on Friday, August 7th. Finally, Zacks Research downgraded Manulife Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $59.00.

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.