Virtu Financial LLC Makes New Investment in Manulife Financial Co. (NYSE:MFC)

Posted by Defense World Staff on Jul 24th, 2023

Virtu Financial LLC acquired a new stake in Manulife Financial Co. (NYSE:MFC – Free Report) (TSE:MFC) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 22,707 shares of the financial services provider’s stock, valued at approximately $417,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in MFC. BlackRock Inc. grew its stake in Manulife Financial by 10.1% in the 1st quarter. BlackRock Inc. now owns 878,359 shares of the financial services provider’s stock valued at $18,753,000 after buying an additional 80,450 shares during the last quarter. Raymond James Trust N.A. increased its stake in shares of Manulife Financial by 7.9% during the first quarter. Raymond James Trust N.A. now owns 27,503 shares of the financial services provider’s stock worth $587,000 after purchasing an additional 2,013 shares during the period. Cetera Investment Advisers bought a new stake in Manulife Financial in the 1st quarter valued at $428,000. Moors & Cabot Inc. grew its holdings in Manulife Financial by 2.3% in the 1st quarter. Moors & Cabot Inc. now owns 43,078 shares of the financial services provider’s stock valued at $920,000 after buying an additional 956 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in Manulife Financial by 32.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 14,560 shares of the financial services provider’s stock worth $311,000 after buying an additional 3,585 shares during the period. 40.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on shares of Manulife Financial in a research note on Thursday, May 18th. They issued a “hold” rating on the stock.

Manulife Financial Stock Performance

NYSE:MFC opened at $19.53 on Monday. The company has a market cap of $35.80 billion, a price-to-earnings ratio of 8.96, a PEG ratio of 0.80 and a beta of 1.10. Manulife Financial Co. has a fifty-two week low of $14.92 and a fifty-two week high of $20.40. The stock has a fifty day moving average price of $18.94 and a 200-day moving average price of $19.06.

Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) last posted its quarterly earnings data on Wednesday, May 10th. The financial services provider reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.01. The firm had revenue of $9.32 billion for the quarter, compared to the consensus estimate of $10.68 billion. Research analysts predict that Manulife Financial Co. will post 2.45 EPS for the current fiscal year.

Manulife Financial Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 19th. Investors of record on Wednesday, May 24th were given a dividend of $0.269 per share. The ex-dividend date of this dividend was Tuesday, May 23rd. This represents a $1.08 annualized dividend and a dividend yield of 5.51%. Manulife Financial’s dividend payout ratio is 49.54%.

Manulife Financial Company Profile

(Free Report)

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.