Rep. Josh Gottheimer Sells Manulife Financial Co. (NYSE:MFC) Stock

Representative Josh Gottheimer (D-New Jersey) recently sold shares of Manulife Financial Co. (NYSE:MFC). In a filing disclosed on November 06th, the Representative disclosed that they had sold between $1,001 and $15,000 in Manulife Financial stock on October 4th. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.

Representative Josh Gottheimer also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Texas Capital Bancshares (NASDAQ:TCBI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ITT (NYSE:ITT) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of Stifel Financial (NYSE:SF) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ICU Medical (NASDAQ:ICUI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of AppFolio (NASDAQ:APPF) on 10/31/2024.
• Purchased $1,001 – $15,000 in shares of Gates Industrial (NYSE:GTES) on 10/31/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/29/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Disco (OTCMKTS:DSCSY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Enerpac Tool Group (NYSE:EPAC) on 10/25/2024.

Manulife Financial Trading Down 1.4 %

MFC traded down $0.45 during trading on Friday, hitting $31.84. The stock had a trading volume of 450,599 shares, compared to its average volume of 2,531,530. Manulife Financial Co. has a 12 month low of $18.42 and a 12 month high of $32.94. The company has a 50 day simple moving average of $29.21 and a 200-day simple moving average of $26.96. The firm has a market cap of $56.00 billion, a PE ratio of 18.66, a P/E/G ratio of 1.08 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.27. The business had revenue of $9.41 billion for the quarter, compared to the consensus estimate of $8.95 billion. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. During the same period last year, the business earned $0.62 earnings per share. As a group, sell-side analysts anticipate that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be paid a $0.296 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.72%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date is Wednesday, November 20th. Manulife Financial’s payout ratio is presently 67.05%.

Hedge Funds Weigh In On Manulife Financial

Institutional investors have recently added to or reduced their stakes in the company. Grove Bank & Trust bought a new position in shares of Manulife Financial in the second quarter valued at approximately $25,000. West Financial Advisors LLC acquired a new stake in Manulife Financial during the 3rd quarter valued at $26,000. Addison Advisors LLC raised its position in Manulife Financial by 77.2% in the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 467 shares during the last quarter. HHM Wealth Advisors LLC boosted its stake in Manulife Financial by 119.0% in the second quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 600 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in shares of Manulife Financial during the third quarter worth $30,000. 52.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MFC has been the topic of several recent research reports. Barclays assumed coverage on Manulife Financial in a report on Thursday, September 5th. They set an “equal weight” rating on the stock. Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $35.67.

About Representative Gottheimer

Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2025. Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2024 election. Gottheimer was first elected to the House in 2016. Prior to his election, Gottheimer worked for Microsoft, the Federal Communications Commission, and for the administration of President Bill Clinton (D). Click here for more information about Gottheimer’s career. Gottheimer serves on the House Financial Services Committee, where is a member of three subcommittees. For more on Gottheimer’s committee assignments, click here. Gottheimer became a co-chair of the Problem Solvers Caucus in February 2017. Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

About Manulife Financial

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.