Oppenheimer Asset Management Inc. Has $5.06 Million Stake in Manulife Financial Co. (MFC)
Oppenheimer Asset Management Inc. increased its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 5.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 281,705 shares of the financial services provider’s stock after purchasing an additional 13,783 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Manulife Financial were worth $5,063,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the stock. CIBC Asset Management Inc lifted its holdings in Manulife Financial by 38.3% in the first quarter. CIBC Asset Management Inc now owns 31,217,867 shares of the financial services provider’s stock worth $578,718,000 after purchasing an additional 8,644,773 shares during the period. Letko Brosseau & Associates Inc. lifted its holdings in Manulife Financial by 7.7% in the second quarter. Letko Brosseau & Associates Inc. now owns 19,231,896 shares of the financial services provider’s stock worth $345,325,000 after purchasing an additional 1,381,094 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in Manulife Financial by 3.3% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,701,545 shares of the financial services provider’s stock worth $317,846,000 after acquiring an additional 566,117 shares in the last quarter. Toronto Dominion Bank raised its position in Manulife Financial by 123.4% in the second quarter. Toronto Dominion Bank now owns 11,548,947 shares of the financial services provider’s stock worth $210,529,000 after acquiring an additional 6,379,595 shares in the last quarter. Finally, Mawer Investment Management Ltd. raised its position in Manulife Financial by 4.9% in the second quarter. Mawer Investment Management Ltd. now owns 11,126,552 shares of the financial services provider’s stock worth $200,071,000 after acquiring an additional 524,066 shares in the last quarter. 46.15% of the stock is owned by institutional investors and hedge funds.
NYSE:MFC opened at $18.65 on Friday. Manulife Financial Co. has a fifty-two week low of $17.73 and a fifty-two week high of $22.16. The stock has a market cap of $37.06 billion, a price-to-earnings ratio of 10.91, a price-to-earnings-growth ratio of 0.92 and a beta of 1.31.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 19th. Shareholders of record on Tuesday, August 21st will be paid a dividend of $0.169 per share. This represents a $0.68 annualized dividend and a yield of 3.62%. The ex-dividend date is Monday, August 20th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.13. Manulife Financial’s payout ratio is 39.77%.
Several analysts have issued reports on MFC shares. Zacks Investment Research upgraded Manulife Financial from a “sell” rating to a “hold” rating in a report on Friday, August 10th. ValuEngine downgraded Manulife Financial from a “hold” rating to a “sell” rating in a report on Monday, June 18th. CIBC raised Manulife Financial from a “neutral” rating to a “sector outperform” rating in a research note on Thursday, May 3rd. Morgan Stanley lowered their target price on Manulife Financial from $27.00 to $26.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 11th. Finally, Evercore ISI initiated coverage on Manulife Financial in a research note on Tuesday, July 10th. They set an “in-line” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $26.33.
Manulife Financial Company Profile
Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance through insurance agents, brokers, banks, financial planners, and direct marketing.
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