Burkett Asset Management Ltd Makes New $5.12 Million Investment in Manulife Financial Corp $MFC

Burkett Asset Management Ltd bought a new position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 140,850 shares of the financial services provider’s stock, valued at approximately $5,122,000. Manulife Financial makes up 5.2% of Burkett Asset Management Ltd’s investment portfolio, making the stock its 5th biggest holding.

A number of other institutional investors also recently bought and sold shares of MFC. Canerector Inc. boosted its position in Manulife Financial by 4,445.8% during the third quarter. Canerector Inc. now owns 28,184,000 shares of the financial services provider’s stock worth $877,932,000 after purchasing an additional 27,564,000 shares in the last quarter. Norges Bank purchased a new stake in Manulife Financial during the fourth quarter worth $777,229,000. MUFG Securities EMEA plc raised its holdings in shares of Manulife Financial by 814.3% in the second quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider’s stock worth $204,544,000 after acquiring an additional 5,699,999 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Manulife Financial by 25.6% in the third quarter. Mackenzie Financial Corp now owns 27,822,300 shares of the financial services provider’s stock worth $866,649,000 after acquiring an additional 5,671,639 shares during the last quarter. Finally, Quadrature Capital Ltd raised its holdings in shares of Manulife Financial by 13,155.3% in the third quarter. Quadrature Capital Ltd now owns 4,229,500 shares of the financial services provider’s stock worth $131,743,000 after acquiring an additional 4,197,592 shares during the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MFC has been the subject of a number of analyst reports. Weiss Ratings raised Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, May 28th. Royal Bank Of Canada reissued an “outperform” rating on shares of Manulife Financial in a report on Friday, February 13th. TD Securities reissued a “buy” rating on shares of Manulife Financial in a report on Thursday, May 14th. Finally, Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. According to data from MarketBeat.com, Manulife Financial currently has an average rating of “Buy” and a consensus target price of $51.50.

Manulife Financial Stock Up 1.4%

NYSE MFC opened at $39.80 on Friday. Manulife Financial Corp has a fifty-two week low of $29.70 and a fifty-two week high of $40.40. The stock has a market cap of $66.42 billion, a price-to-earnings ratio of 15.79 and a beta of 0.84. The business has a fifty day moving average of $38.20 and a 200-day moving average of $36.73.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). The company had revenue of $8.89 billion during the quarter, compared to analyst estimates of $2.32 billion. Manulife Financial had a return on equity of 16.58% and a net margin of 10.19%.During the same period last year, the firm earned $0.99 earnings per share. As a group, analysts anticipate that Manulife Financial Corp will post 3.2 EPS for the current year.

Manulife Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, May 29th will be paid a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 4.9%. The ex-dividend date is Friday, May 29th. Manulife Financial’s dividend payout ratio is presently 56.75%.

Manulife Financial Company Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.