Norges Bank Invests $632.24 Million in Manulife Financial Corp $MFC

Norges Bank purchased a new stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 19,761,100 shares of the financial services provider’s stock, valued at approximately $632,238,000. Norges Bank owned about 1.16% of Manulife Financial at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Eastern Bank boosted its holdings in Manulife Financial by 156.1% in the 2nd quarter. Eastern Bank now owns 968 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 590 shares during the last quarter. Winnow Wealth LLC acquired a new position in Manulife Financial in the second quarter valued at approximately $38,000. William B. Walkup & Associates Inc. acquired a new position in Manulife Financial in the first quarter valued at approximately $43,000. Oliver Lagore Vanvalin Investment Group purchased a new position in Manulife Financial in the second quarter worth approximately $55,000. Finally, Carderock Capital Management Inc. acquired a new stake in Manulife Financial during the second quarter worth $58,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MFC has been the subject of a number of research analyst reports. Royal Bank Of Canada increased their price target on Manulife Financial from $49.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, November 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Manulife Financial in a research note on Monday, November 24th. Morgan Stanley set a $47.00 price target on shares of Manulife Financial in a research report on Tuesday, October 7th. BMO Capital Markets restated an “outperform” rating on shares of Manulife Financial in a report on Friday, November 14th. Finally, UBS Group initiated coverage on shares of Manulife Financial in a research report on Thursday, October 16th. They set a “buy” rating for the company. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $49.50.

Manulife Financial Stock Performance

MFC opened at $35.51 on Friday. Manulife Financial Corp has a one year low of $25.92 and a one year high of $35.57. The company has a market cap of $59.83 billion, a P/E ratio of 15.85, a PEG ratio of 1.13 and a beta of 0.98. The business’s 50-day simple moving average is $32.73 and its 200-day simple moving average is $31.68.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, November 12th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.The firm had revenue of $12.90 billion during the quarter. During the same period last year, the company earned $1.00 earnings per share. As a group, analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Wednesday, November 26th will be paid a $0.44 dividend. This is an increase from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.76 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date is Wednesday, November 26th. Manulife Financial’s dividend payout ratio (DPR) is presently 55.56%.

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.