Plato Investment Management Ltd Buys 25,716 Shares of Manulife Financial Corp $MFC

Plato Investment Management Ltd grew its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 149.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,976 shares of the financial services provider’s stock after purchasing an additional 25,716 shares during the period. Plato Investment Management Ltd’s holdings in Manulife Financial were worth $1,366,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Eastern Bank raised its holdings in shares of Manulife Financial by 156.1% in the second quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock worth $31,000 after buying an additional 590 shares during the period. William B. Walkup & Associates Inc. purchased a new stake in shares of Manulife Financial in the first quarter worth approximately $43,000. Oliver Lagore Vanvalin Investment Group purchased a new stake in shares of Manulife Financial in the second quarter worth approximately $55,000. Carderock Capital Management Inc. purchased a new stake in shares of Manulife Financial in the second quarter worth approximately $58,000. Finally, Kozak & Associates Inc. purchased a new stake in shares of Manulife Financial in the second quarter worth approximately $61,000. 52.56% of the stock is owned by institutional investors.

Manulife Financial Stock Up 0.7%

MFC opened at $32.37 on Monday. The stock’s fifty day moving average is $31.50 and its two-hundred day moving average is $31.18. The company has a market capitalization of $54.69 billion, a P/E ratio of 14.45, a PEG ratio of 1.13 and a beta of 0.98. Manulife Financial Corp has a 52 week low of $25.92 and a 52 week high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released 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). The firm had revenue of $11.30 billion for the quarter. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.During the same quarter in the prior year, the firm earned $0.91 EPS. Equities analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th were given a dividend of $0.3199 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $1.28 annualized dividend and a yield of 4.0%. Manulife Financial’s payout ratio is 56.70%.

Analyst Upgrades and Downgrades

MFC has been the topic of several recent analyst reports. UBS Group initiated coverage on Manulife Financial in a report on Thursday, October 16th. They issued a “buy” rating on the stock. Royal Bank Of Canada reduced their price target on Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Morgan Stanley set a $47.00 price target on Manulife Financial in a report on Tuesday, October 7th. Finally, Weiss Ratings restated a “buy (a-)” rating on shares of Manulife Financial in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to MarketBeat.com, Manulife Financial presently has a consensus rating of “Buy” and a consensus target price of $48.00.

Manulife Financial 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.