Manulife Financial (NYSE:MFC) Stock Price Up 7.8% on Strong Earnings

Manulife Financial Co. (NYSE:MFC) (TSE:MFC)’s share price shot up 7.8% during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $32.05 and last traded at $32.10. 687,765 shares were traded during trading, a decline of 64% from the average session volume of 1,933,674 shares. The stock had previously closed at $29.78.

The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.07. The firm had revenue of $9.31 billion during the quarter. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%.

Institutional Investors Weigh In On Manulife Financial

Several institutional investors have recently made changes to their positions in MFC. FIL Ltd boosted its stake in Manulife Financial by 21.7% in the 4th quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider’s stock worth $1,216,880,000 after purchasing an additional 7,053,066 shares during the period. TD Asset Management Inc. lifted its holdings in shares of Manulife Financial by 0.7% in the fourth quarter. TD Asset Management Inc. now owns 34,803,859 shares of the financial services provider’s stock worth $1,068,654,000 after buying an additional 228,863 shares in the last quarter. National Bank of Canada FI boosted its position in shares of Manulife Financial by 13.5% in the third quarter. National Bank of Canada FI now owns 28,063,936 shares of the financial services provider’s stock valued at $829,374,000 after acquiring an additional 3,329,892 shares during the period. Toronto Dominion Bank increased its holdings in Manulife Financial by 4.1% during the 4th quarter. Toronto Dominion Bank now owns 22,812,909 shares of the financial services provider’s stock worth $699,948,000 after acquiring an additional 902,466 shares during the period. Finally, Norges Bank purchased a new stake in Manulife Financial in the 4th quarter worth approximately $654,751,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Performance

The stock has a market capitalization of $55.41 billion, a PE ratio of 15.50, a price-to-earnings-growth ratio of 1.04 and a beta of 1.09. The business’s 50-day moving average price is $30.31 and its 200 day moving average price is $29.70.

Manulife Financial Company Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, 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.