Magnetar Financial LLC Has $5.89 Million Stock Position in Manulife Financial Corp $MFC

Magnetar Financial LLC lessened its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 36.7% in the third quarter, according to its most recent filing with the SEC. The firm owned 189,208 shares of the financial services provider’s stock after selling 109,867 shares during the quarter. Magnetar Financial LLC’s holdings in Manulife Financial were worth $5,894,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Root Financial Partners LLC acquired a new position in shares of Manulife Financial in the 3rd quarter worth approximately $25,000. Caldwell Trust Co bought a new stake in shares of Manulife Financial in the 2nd quarter valued at $27,000. American Wealth Advisors LLC acquired a new stake in shares of Manulife Financial during the third quarter worth $36,000. Winnow Wealth LLC bought a new position in Manulife Financial during the second quarter worth $38,000. Finally, Goodman Advisory Group LLC bought a new position in Manulife Financial during the second quarter worth $39,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

MFC stock opened at $33.76 on Thursday. The company’s 50-day moving average is $36.58 and its 200-day moving average is $34.33. The stock has a market capitalization of $56.60 billion, a PE ratio of 15.21 and a beta of 0.83. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $38.72.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.The business had revenue of $11.32 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same period in the previous year, the company posted $1.03 EPS. On average, analysts anticipate 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 Thursday, March 19th. Stockholders of record on Wednesday, February 25th will be issued a dividend of $0.485 per share. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.44. This represents a $1.94 annualized dividend and a dividend yield of 5.7%. The ex-dividend date is Wednesday, February 25th. Manulife Financial’s dividend payout ratio is presently 63.96%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MFC. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Thursday, February 5th. Weiss Ratings downgraded Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a report on Friday, February 13th. BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a research report on Friday, November 14th. Royal Bank Of Canada reissued an “outperform” rating on shares of Manulife Financial in a research note on Friday, February 13th. Finally, Morgan Stanley set a $51.00 target price on Manulife Financial in a research note on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $51.50.

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.