First Republic Investment Management Inc. Has $2.53 Million Stake in Manulife Financial Co. (MFC)

First Republic Investment Management Inc. lifted its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 62.9% in the second quarter, HoldingsChannel reports. The institutional investor owned 140,760 shares of the financial services provider’s stock after purchasing an additional 54,376 shares during the period. First Republic Investment Management Inc.’s holdings in Manulife Financial were worth $2,529,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in MFC. Toronto Dominion Bank grew its position in shares of Manulife Financial by 123.4% during the second quarter. Toronto Dominion Bank now owns 11,548,947 shares of the financial services provider’s stock worth $210,529,000 after buying an additional 6,379,595 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Manulife Financial by 775.3% during the first quarter. Franklin Resources Inc. now owns 4,018,785 shares of the financial services provider’s stock worth $74,536,000 after buying an additional 3,559,649 shares in the last quarter. Addenda Capital Inc. grew its position in shares of Manulife Financial by 101.6% during the second quarter. Addenda Capital Inc. now owns 6,455,126 shares of the financial services provider’s stock worth $117,819,000 after buying an additional 3,253,890 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Manulife Financial by 629.2% during the second quarter. Janus Henderson Group PLC now owns 3,599,207 shares of the financial services provider’s stock worth $64,654,000 after buying an additional 3,105,627 shares in the last quarter. Finally, Letko Brosseau & Associates Inc. grew its position in shares of Manulife Financial by 7.7% during the second quarter. Letko Brosseau & Associates Inc. now owns 19,231,896 shares of the financial services provider’s stock worth $345,325,000 after buying an additional 1,381,094 shares in the last quarter. 46.14% of the stock is owned by institutional investors and hedge funds.

MFC has been the subject of a number of analyst reports. Zacks Investment Research raised Manulife Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, June 5th. ValuEngine downgraded Manulife Financial from a “hold” rating to a “sell” rating in a research report on Monday, June 18th. Evercore ISI initiated coverage on Manulife Financial in a research report on Tuesday, July 10th. They set an “in-line” rating for the company. Finally, Morgan Stanley lowered their price objective on Manulife Financial from $27.00 to $26.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $26.33.

MFC stock opened at $17.70 on Monday. The company has a market cap of $34.64 billion, a P/E ratio of 10.35, a price-to-earnings-growth ratio of 0.86 and a beta of 1.28. Manulife Financial Co. has a fifty-two week low of $17.44 and a fifty-two week high of $22.16.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, August 8th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.21. The firm had revenue of $10.59 billion during the quarter. Manulife Financial had a return on equity of 12.69% and a net margin of 4.22%. During the same quarter in the previous year, the firm earned $0.57 EPS. analysts forecast that Manulife Financial Co. will post 2.03 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 19th. Investors of record on Tuesday, August 21st will be paid a dividend of $0.169 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.13. The ex-dividend date is Monday, August 20th. This represents a $0.68 annualized dividend and a yield of 3.82%. Manulife Financial’s payout ratio is presently 39.77%.

About Manulife Financial

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 through insurance agents, brokers, banks, financial planners, and direct marketing.

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Institutional Ownership by Quarter for Manulife Financial (NYSE:MFC)

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