Mackenzie Financial Corp Reduces Position in Manulife Financial Co. (NYSE:MFC)

Mackenzie Financial Corp reduced its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.8% during the second quarter, HoldingsChannel.com reports. The firm owned 25,504,843 shares of the financial services provider’s stock after selling 1,003,168 shares during the period. Manulife Financial makes up 1.0% of Mackenzie Financial Corp’s portfolio, making the stock its 20th biggest position. Mackenzie Financial Corp’s holdings in Manulife Financial were worth $679,247,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. FIL Ltd grew its holdings 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 boosted its position in Manulife Financial by 57.9% in the 1st quarter. Toronto Dominion Bank now owns 23,307,081 shares of the financial services provider’s stock valued at $582,444,000 after buying an additional 8,548,114 shares during the period. 1832 Asset Management L.P. grew its stake in Manulife Financial by 103.1% in 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 acquiring an additional 7,456,712 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of Manulife Financial by 47.4% during the fourth quarter. CIBC Asset Management Inc now owns 20,710,186 shares of the financial services provider’s stock worth $459,108,000 after acquiring an additional 6,663,997 shares during the period. Finally, National Bank of Canada FI raised its stake in shares of Manulife Financial by 14.8% during the first quarter. National Bank of Canada FI now owns 28,803,968 shares of the financial services provider’s stock valued at $749,435,000 after acquiring an additional 3,720,693 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Up 1.7 %

Shares of NYSE:MFC opened at $29.64 on Friday. The company has a market capitalization of $53.04 billion, a PE ratio of 17.23, a P/E/G ratio of 1.06 and a beta of 1.08. Manulife Financial Co. has a 12-month low of $17.07 and a 12-month high of $29.88. The business’s fifty day simple moving average is $26.73 and its 200-day simple moving average is $25.71.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.27. The business had revenue of $9.41 billion during the quarter, compared to the consensus estimate of $8.95 billion. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. During the same period in the previous year, the company posted $0.62 earnings per share. Research analysts predict that Manulife Financial Co. will post 2.72 EPS for the current year.

Manulife Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Wednesday, August 21st were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $1.16 dividend on an annualized basis and a yield of 3.91%. Manulife Financial’s payout ratio is 66.86%.

Wall Street Analysts Forecast Growth

MFC has been the topic of several research reports. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Barclays assumed coverage on Manulife Financial in a research note on Thursday, September 5th. They set an “equal weight” rating on the stock. Finally, TD Securities upped their price objective on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.67.

Manulife Financial Company Profile

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.