Intact Investment Management Inc. Decreases Stake in Manulife Financial Co. (NYSE:MFC)

Intact Investment Management Inc. cut its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 2.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,528,775 shares of the financial services provider’s stock after selling 103,990 shares during the period. Manulife Financial comprises approximately 3.5% of Intact Investment Management Inc.’s investment portfolio, making the stock its 3rd biggest position. Intact Investment Management Inc. owned approximately 0.20% of Manulife Financial worth $93,958,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of MFC. Norges Bank bought a new stake in Manulife Financial during the 4th quarter worth approximately $473,568,000. FIL Ltd grew its stake in shares of Manulife Financial by 750.5% in the fourth quarter. FIL Ltd now owns 9,910,281 shares of the financial services provider’s stock worth $218,990,000 after purchasing an additional 8,745,071 shares during the last quarter. Toronto Dominion Bank increased its holdings in Manulife Financial by 57.9% in the first quarter. Toronto Dominion Bank now owns 23,307,081 shares of the financial services provider’s stock valued at $582,444,000 after purchasing an additional 8,548,114 shares during the period. TD Asset Management Inc raised its position in Manulife Financial by 26.5% during the 4th quarter. TD Asset Management Inc now owns 37,066,418 shares of the financial services provider’s stock worth $823,074,000 after purchasing an additional 7,766,870 shares during the last quarter. Finally, 1832 Asset Management L.P. lifted its holdings in Manulife Financial by 103.1% during the 1st quarter. 1832 Asset Management L.P. now owns 14,686,893 shares of the financial services provider’s stock worth $367,025,000 after buying an additional 7,456,712 shares during the period. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $27.61 on Friday. Manulife Financial Co. has a 1 year low of $17.07 and a 1 year high of $27.75. The business’s 50-day moving average is $26.23 and its 200-day moving average is $25.19. The company has a market capitalization of $49.10 billion, a price-to-earnings ratio of 16.05, a P/E/G ratio of 1.02 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.27. The firm had revenue of $9.41 billion for the quarter, compared to analyst estimates of $8.95 billion. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. During the same period in the previous year, the firm earned $0.62 earnings per share. Analysts anticipate that Manulife Financial Co. will post 2.72 EPS for the current year.

Manulife Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, August 21st will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.20%. The ex-dividend date is Wednesday, August 21st. Manulife Financial’s dividend payout ratio is presently 67.44%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Finally, TD Securities raised their price target on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $35.67.

About Manulife Financial

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.