Squarepoint Ops LLC has significantly reduced its stake in Manulife Financial Corp, decreasing its holdings by 48.4% during the second quarter of 2023. According to data from HoldingsChannel, the firm sold 22,293 shares, leaving it with 23,726 shares valued at approximately $758,000 by the end of the period.
Other institutional investors have also shifted their positions in Manulife Financial. Notably, Norges Bank acquired a new stake during the same quarter, investing around $632.2 million. In another significant move, MUFG Securities EMEA plc increased its holdings by an impressive 814.3%, now owning 6,399,999 shares worth about $204.5 million.
Further investment activity includes Goldman Sachs Group Inc., which raised its holdings by 134.3% in the first quarter, bringing its total to 8,444,479 shares valued at approximately $263 million. Meanwhile, Geode Capital Management LLC and the Canada Pension Plan Investment Board also enhanced their stakes, underscoring a notable interest in the company.
Analysts’ Ratings and Market Performance
Wall Street analysts have provided a mixed outlook on Manulife Financial. In a report dated November 14, 2023, BMO Capital Markets reiterated an “outperform” rating. Additionally, Royal Bank of Canada raised its price target from $49.00 to $52.00, while Morgan Stanley set a target of $51.00 on December 15, 2023.
With five analysts rating the stock as a Buy, Manulife Financial currently has an average target price of $51.50. The stock opened at $36.52 on Tuesday, reflecting a 1.0% increase. Over the past year, shares have traded between a low of $25.92 and a high of $36.59.
The company reported earnings of $0.84 per share for the quarter ending November 12, 2023, surpassing consensus estimates of $0.74. This performance resulted in revenues of $12.90 billion for the quarter, with a return on equity of 16.11% and a net margin of 9.81%. Analysts forecast an annual earnings per share of $2.87 for the current year.
Dividend Increase and Company Overview
In addition to its earnings report, Manulife Financial announced a quarterly dividend of $0.44 per share, which was paid on December 19, 2023. This represents an increase from the previous dividend of $0.32 and translates to an annualized dividend of $1.76, yielding 4.8%.
Based in Toronto, Ontario, Manulife Financial Corporation is a multinational insurance and financial services company. It was originally founded in the late 19th century as The Manufacturers Life Insurance Company. Today, it offers a wide array of financial products and services, including life and health insurance, retirement solutions, wealth management, and group benefits.
For those interested in the latest updates on hedge fund activities regarding Manulife Financial, resources like HoldingsChannel.com provide comprehensive insights into 13F filings and insider trading activities.
