Scotia Capital Inc. Increases Position in Manulife Financial Corp (MFC)

Scotia Capital Inc. lifted its holdings in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 3.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,014,602 shares of the financial services provider’s stock after purchasing an additional 286,251 shares during the period. Manulife Financial Corp accounts for about 2.5% of Scotia Capital Inc.’s portfolio, making the stock its 7th biggest position. Scotia Capital Inc. owned 0.41% of Manulife Financial Corp worth $149,947,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Andra AP fonden boosted its position in shares of Manulife Financial Corp by 10.1% during the 2nd quarter. Andra AP fonden now owns 178,400 shares of the financial services provider’s stock valued at $3,347,000 after purchasing an additional 16,400 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Manulife Financial Corp by 1.3% during the 2nd quarter. Wells Fargo & Company MN now owns 13,554,829 shares of the financial services provider’s stock valued at $254,288,000 after purchasing an additional 176,947 shares in the last quarter. Flippin Bruce & Porter Inc. boosted its position in shares of Manulife Financial Corp by 5.8% during the 2nd quarter. Flippin Bruce & Porter Inc. now owns 175,510 shares of the financial services provider’s stock valued at $3,293,000 after purchasing an additional 9,555 shares in the last quarter. Renaissance Group LLC boosted its position in shares of Manulife Financial Corp by 3.6% during the 2nd quarter. Renaissance Group LLC now owns 858,327 shares of the financial services provider’s stock valued at $16,102,000 after purchasing an additional 29,911 shares in the last quarter. Finally, Bridgewater Associates LP bought a new stake in shares of Manulife Financial Corp during the 2nd quarter valued at about $7,131,000. Institutional investors own 45.96% of the company’s stock.

Several brokerages recently commented on MFC. Morgan Stanley upped their target price on Manulife Financial Corp from $26.00 to $27.00 and gave the company an “equal weight” rating in a research report on Thursday, October 5th. ValuEngine lowered Manulife Financial Corp from a “strong-buy” rating to a “buy” rating in a research report on Monday, September 18th. Zacks Investment Research lowered Manulife Financial Corp from a “buy” rating to a “hold” rating in a research report on Monday, September 11th. Finally, BidaskClub upgraded Manulife Financial Corp from a “hold” rating to a “buy” rating in a research report on Tuesday, July 11th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Manulife Financial Corp currently has an average rating of “Buy” and a consensus price target of $24.25.

Shares of Manulife Financial Corp (MFC) traded up 2.18% on Tuesday, reaching $20.62. The company’s stock had a trading volume of 834,856 shares. The company has a market cap of $40.79 billion, a P/E ratio of 13.68 and a beta of 1.29. The company’s 50 day moving average price is $19.88 and its 200 day moving average price is $18.77. Manulife Financial Corp has a 12-month low of $14.15 and a 12-month high of $20.84.

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, August 9th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. The business had revenue of $12.34 billion for the quarter, compared to analysts’ expectations of $16.09 billion. During the same quarter in the prior year, the firm earned $0.40 EPS. Analysts forecast that Manulife Financial Corp will post $1.79 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 19th. Shareholders of record on Tuesday, August 22nd were issued a dividend of $0.1621 per share. This is an increase from Manulife Financial Corp’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Friday, August 18th. This represents a $0.65 dividend on an annualized basis and a dividend yield of 3.21%. Manulife Financial Corp’s dividend payout ratio is 47.83%.

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Manulife Financial Corp Company Profile

Manulife Financial Corporation (MFC) is a holding company of The Manufacturers Life Insurance Company (MLI), which is a life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), which is a reinsurance company. The Company operates as a financial services company with principal operations in Asia, Canada and the United States.

Institutional Ownership by Quarter for Manulife Financial Corp (NYSE:MFC)

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