Bank of New York Mellon Corp Has $60.51 Million Holdings in Manulife Financial Corp $MFC

Bank of New York Mellon Corp grew its position in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 4.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,756,926 shares of the financial services provider’s stock after acquiring an additional 75,419 shares during the period. Bank of New York Mellon Corp’s holdings in Manulife Financial were worth $60,509,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Basepoint Wealth LLC bought a new stake in Manulife Financial during the 4th quarter worth $25,000. Hantz Financial Services Inc. acquired a new stake in shares of Manulife Financial during the fourth quarter valued at about $28,000. Sfam LLC bought a new stake in shares of Manulife Financial during the fourth quarter worth about $28,000. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in shares of Manulife Financial during the first quarter worth about $29,000. Finally, Heritage Wealth Advisors acquired a new position in shares of Manulife Financial in the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Weiss Ratings lowered shares of Manulife Financial from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday. Zacks Research cut shares of Manulife Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research note on Wednesday, July 15th. Finally, TD Securities reiterated a “buy” rating on shares of Manulife Financial in a report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.50.

Manulife Financial Price Performance

Manulife Financial stock opened at $43.10 on Thursday. The stock’s 50 day moving average is $40.10 and its 200 day moving average is $37.86. The firm has a market cap of $71.63 billion, a P/E ratio of 17.10 and a beta of 0.84. Manulife Financial Corp has a one year low of $29.70 and a one year high of $43.56.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its 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). Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. The firm had revenue of $8.89 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same period in the prior year, the company posted $0.99 EPS. Equities analysts anticipate that Manulife Financial Corp will post 3.03 earnings per share for the current fiscal year.

Manulife Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, May 29th were given a dividend of $0.485 per share. The ex-dividend date was Friday, May 29th. This represents a $1.94 annualized dividend and a dividend yield of 4.5%. Manulife Financial’s dividend payout ratio is 56.75%.

About Manulife Financial

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.