Triasima Portfolio Management inc. Buys 188,218 Shares of Manulife Financial Corp $MFC

Triasima Portfolio Management inc. increased its stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 101.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 373,076 shares of the financial services provider’s stock after purchasing an additional 188,218 shares during the period. Manulife Financial makes up 2.0% of Triasima Portfolio Management inc.’s investment portfolio, making the stock its 9th largest holding. Triasima Portfolio Management inc.’s holdings in Manulife Financial were worth $15,935,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. boosted its holdings in Manulife Financial by 0.5% in the second quarter. TD Waterhouse Canada Inc. now owns 16,757,547 shares of the financial services provider’s stock worth $683,609,000 after purchasing an additional 81,973 shares during the last quarter. Bank of Nova Scotia purchased a new stake in Manulife Financial during the 2nd quarter valued at $594,832,000. Canada Pension Plan Investment Board purchased a new stake in Manulife Financial during the 2nd quarter valued at $495,841,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Manulife Financial by 183.7% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider’s stock valued at $402,969,000 after buying an additional 7,577,711 shares during the last quarter. Finally, Legal & General Group Plc bought a new position in shares of Manulife Financial during the 2nd quarter valued at $430,039,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Up 1.7%

MFC opened at $43.84 on Friday. The company has a market cap of $72.75 billion, a price-to-earnings ratio of 16.36 and a beta of 0.84. The company’s 50 day moving average is $43.41 and its 200 day moving average is $41.07. Manulife Financial Corp has a 12-month low of $31.54 and a 12-month high of $45.33.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.01. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The company had revenue of $2.22 billion during the quarter, compared to analyst estimates of $7.28 billion. During the same period in the previous year, the business posted $0.95 earnings per share. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. As a group, analysts predict that Manulife Financial Corp will post 2.97 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 21st. Stockholders of record on Friday, August 21st were paid a dividend of C$0.48 per share. This represents a $1.94 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Friday, August 21st. Manulife Financial’s dividend payout ratio (DPR) is currently 51.49%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MFC shares. Weiss Ratings upgraded Manulife Financial from a “buy (a)” rating to a “buy (a+)” rating in a research note on Thursday, October 8th. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Friday, August 7th. Zacks Research upgraded Manulife Financial from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 2nd. Royal Bank Of Canada upped their price objective on Manulife Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $58.75.

Manulife Financial Company Profile

Manulife Financial Corporation is a Canadian financial services company that provides insurance, wealth and asset management, retirement solutions and employee benefits. Its offerings include life and health insurance, annuities, group benefits, mutual funds, pension products and investment management services for individuals, businesses and institutional clients.

Founded in 1887 as The Manufacturers Life Insurance Company, Manulife has grown into an international organization serving customers primarily in Canada, the United States and Asia.