Geode Capital Management LLC Has $111.17 Million Stake in Manulife Financial Co. (NYSE:MFC)

Posted by Defense World Staff on Jun 8th, 2023

Geode Capital Management LLC trimmed its stake in Manulife Financial Co. (NYSE:MFC – Get Rating) (TSE:MFC) by 1.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,190,263 shares of the financial services provider’s stock after selling 86,989 shares during the period. Geode Capital Management LLC owned about 0.33% of Manulife Financial worth $111,174,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. National Bank of Canada FI boosted its position in shares of Manulife Financial by 457.2% during the 4th quarter. National Bank of Canada FI now owns 29,997,656 shares of the financial services provider’s stock valued at $534,936,000 after acquiring an additional 24,613,635 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Manulife Financial by 219.6% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 5,749,000 shares of the financial services provider’s stock worth $90,128,000 after acquiring an additional 3,950,000 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Manulife Financial in the first quarter worth about $52,082,000. Vanguard Group Inc. raised its stake in shares of Manulife Financial by 3.2% in the first quarter. Vanguard Group Inc. now owns 65,706,458 shares of the financial services provider’s stock worth $1,402,832,000 after acquiring an additional 2,032,695 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Manulife Financial by 103.0% in the first quarter. Goldman Sachs Group Inc. now owns 3,377,712 shares of the financial services provider’s stock worth $72,113,000 after acquiring an additional 1,713,488 shares during the last quarter. 43.42% 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 recent research reports. TD Securities boosted their price target on shares of Manulife Financial from C$30.00 to C$32.00 in a research note on Thursday, February 16th. Royal Bank of Canada upped their price target on shares of Manulife Financial from C$26.00 to C$28.00 and gave the company a “sector perform” rating in a report on Friday, February 17th. Desjardins upped their price target on shares of Manulife Financial from C$26.00 to C$28.00 in a report on Friday, February 17th. National Bank Financial upped their price target on shares of Manulife Financial from C$26.00 to C$27.00 in a report on Thursday, February 16th. Finally, StockNews.com began coverage on shares of Manulife Financial in a report on Thursday, May 18th. They set a “hold” rating for the company.

Manulife Financial Stock Performance

NYSE:MFC opened at $19.37 on Thursday. Manulife Financial Co. has a 52 week low of $14.92 and a 52 week high of $20.40. The firm has a market cap of $35.75 billion, a price-to-earnings ratio of 8.89, a P/E/G ratio of 0.79 and a beta of 1.12. The firm’s 50-day simple moving average is $19.12 and its 200 day simple moving average is $18.80.

Manulife Financial Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 19th. Stockholders of record on Wednesday, May 24th will be paid a $0.269 dividend. The ex-dividend date of this dividend is Tuesday, May 23rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 5.55%. Manulife Financial’s payout ratio is currently 49.54%.

Manulife Financial Company Profile

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Manulife Financial Corp. engages in the provision of financial services. It operates through the following segments: Asia, Canada, U.S., Global Wealth and Asset Management, and Corporate and Other. The Asia segment refers to insurance and insurance-based wealth accumulation products in Asia. The Canada segment offers insurance-based wealth accumulation products and banking services in Canada.