Advisory Alpha LLC bought a new position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 3,388 shares of the financial services provider’s stock, valued at approximately $61,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc raised its stake in shares of Manulife Financial by 2.7% during the 3rd quarter. Vanguard Group Inc now owns 51,586,191 shares of the financial services provider’s stock worth $922,361,000 after purchasing an additional 1,333,916 shares in the last quarter. Letko Brosseau & Associates Inc. grew its stake in shares of Manulife Financial by 2.6% in the 1st quarter. Letko Brosseau & Associates Inc. now owns 21,999,419 shares of the financial services provider’s stock valued at $372,160,000 after buying an additional 560,300 shares during the period. Great West Life Assurance Co. Can grew its stake in shares of Manulife Financial by 2.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 20,324,434 shares of the financial services provider’s stock valued at $342,587,000 after buying an additional 416,167 shares during the period. Norges Bank acquired a new stake in shares of Manulife Financial in the 4th quarter valued at about $275,237,000. Finally, Bank of Nova Scotia grew its stake in shares of Manulife Financial by 0.9% in the 4th quarter. Bank of Nova Scotia now owns 16,150,255 shares of the financial services provider’s stock valued at $229,172,000 after buying an additional 149,872 shares during the period. 46.60% of the stock is currently owned by hedge funds and other institutional investors.
MFC has been the subject of several research reports. ValuEngine upgraded Manulife Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Barclays restated a “buy” rating and issued a $29.00 target price on shares of Manulife Financial in a research note on Sunday, May 5th. Finally, Zacks Investment Research downgraded Manulife Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 17th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $25.50.
MFC stock opened at $17.38 on Thursday. The stock has a market cap of $35.15 billion, a price-to-earnings ratio of 8.24, a P/E/G ratio of 0.81 and a beta of 1.38. Manulife Financial Co. has a 52-week low of $13.33 and a 52-week high of $19.22.
Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, May 1st. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.24. The business had revenue of $1.74 billion during the quarter. Manulife Financial had a return on equity of 13.69% and a net margin of 10.43%. Manulife Financial’s revenue for the quarter was up 25.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 EPS. Equities research analysts expect that Manulife Financial Co. will post 2.19 earnings per share for the current fiscal year.
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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; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing.
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