Massachusetts Financial Services Co. MA increased its position in Manulife Financial Co. (NYSE:MFC – Free Report) (TSE:MFC) by 1.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,445,466 shares of the financial services provider’s stock after buying an additional 119,192 shares during the period. Massachusetts Financial Services Co. MA owned 0.52% of Manulife Financial worth $172,663,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Manulife Financial by 3.2% during the first quarter. Vanguard Group Inc. now owns 65,706,458 shares of the financial services provider’s stock valued at $1,402,832,000 after purchasing an additional 2,032,695 shares during the period. Mackenzie Financial Corp raised its position in Manulife Financial by 1.6% during the second quarter. Mackenzie Financial Corp now owns 31,721,712 shares of the financial services provider’s stock valued at $599,526,000 after purchasing an additional 505,891 shares during the period. Bank of Nova Scotia raised its position in Manulife Financial by 5.5% during the second quarter. Bank of Nova Scotia now owns 26,424,327 shares of the financial services provider’s stock valued at $499,482,000 after purchasing an additional 1,373,221 shares during the period. Beutel Goodman & Co Ltd. raised its position in Manulife Financial by 0.5% during the second quarter. Beutel Goodman & Co Ltd. now owns 24,637,206 shares of the financial services provider’s stock valued at $466,212,000 after purchasing an additional 120,055 shares during the period. Finally, Norges Bank purchased a new stake in Manulife Financial during the fourth quarter valued at approximately $406,195,000. 45.02% of the stock is currently owned by hedge funds and other institutional investors.
Manulife Financial Stock Up 1.8 %
Shares of NYSE:MFC opened at $22.25 on Wednesday. Manulife Financial Co. has a 52-week low of $17.07 and a 52-week high of $22.40. The stock has a market cap of $40.18 billion, a P/E ratio of 11.13, a price-to-earnings-growth ratio of 0.82 and a beta of 1.07. The business’s 50 day moving average is $21.33 and its 200 day moving average is $19.58.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on MFC. Royal Bank of Canada upgraded Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Tuesday, December 12th. TheStreet upgraded Manulife Financial from a “c+” rating to a “b” rating in a report on Thursday, December 21st.
Manulife Financial Company Profile
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.
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