Manulife Financial Corp $MFC Holdings Decreased by Addenda Capital Inc.

Addenda Capital Inc. decreased its stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 39.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 818,221 shares of the financial services provider’s stock after selling 525,042 shares during the period. Manulife Financial accounts for about 1.2% of Addenda Capital Inc.’s holdings, making the stock its 24th largest position. Addenda Capital Inc.’s holdings in Manulife Financial were worth $26,150,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in MFC. JCIC Asset Management Inc. boosted its stake in Manulife Financial by 5.6% during the 1st quarter. JCIC Asset Management Inc. now owns 6,749 shares of the financial services provider’s stock valued at $210,000 after purchasing an additional 360 shares during the last quarter. Blair William & Co. IL boosted its holdings in Manulife Financial by 1.9% in the 1st quarter. Blair William & Co. IL now owns 19,878 shares of the financial services provider’s stock worth $619,000 after buying an additional 377 shares during the period. Pacer Advisors Inc. boosted its holdings in Manulife Financial by 3.0% in the 1st quarter. Pacer Advisors Inc. now owns 15,405 shares of the financial services provider’s stock worth $480,000 after buying an additional 444 shares during the period. Napatree Capital LLC boosted its holdings in Manulife Financial by 4.7% in the 1st quarter. Napatree Capital LLC now owns 10,279 shares of the financial services provider’s stock worth $320,000 after buying an additional 465 shares during the period. Finally, United Services Automobile Association boosted its holdings in Manulife Financial by 0.8% in the 1st quarter. United Services Automobile Association now owns 60,000 shares of the financial services provider’s stock valued at $1,848,000 after purchasing an additional 471 shares during the period. Institutional investors and hedge funds own 52.56% of the company’s stock.

Analyst Ratings Changes

MFC has been the topic of several research reports. Royal Bank Of Canada lowered their price objective on shares of Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Morgan Stanley set a $48.00 target price on shares of Manulife Financial in a research report on Monday, August 18th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $48.50.

Manulife Financial Stock Performance

NYSE:MFC opened at $30.77 on Friday. The firm has a 50-day simple moving average of $30.83 and a 200-day simple moving average of $30.75. Manulife Financial Corp has a one year low of $25.92 and a one year high of $33.07. The firm has a market cap of $52.13 billion, a P/E ratio of 13.74, a P/E/G ratio of 1.03 and a beta of 0.99.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The business had revenue of $11.30 billion for the quarter. During the same period last year, the firm posted $0.91 EPS. On average, research analysts predict that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th were issued a dividend of $0.3199 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Wednesday, August 20th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.32. Manulife Financial’s dividend payout ratio (DPR) is presently 56.70%.

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.