Rep. Josh Gottheimer Sells Off Shares of Manulife Financial Co. (NYSE:MFC)

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 Stock Down 1.5 %

Shares of Manulife Financial stock opened at $31.80 on Friday. Manulife Financial Co. has a 12-month low of $18.42 and a 12-month high of $32.94. The firm has a market capitalization of $55.93 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 1.14 and a beta of 1.08. The stock’s fifty day moving average is $29.39 and its 200-day moving average is $27.06.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.27. The company had revenue of $9.41 billion for the quarter, compared to the consensus estimate of $8.95 billion. Manulife Financial had a net margin of 9.79% and a return on equity of 16.26%. During the same period in the previous year, the business earned $0.62 EPS. Analysts expect that Manulife Financial Co. will post 2.74 EPS for the current year.

Manulife Financial Increases Dividend

The firm 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. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.18 annualized dividend and a dividend yield of 3.72%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.29. Manulife Financial’s payout ratio is currently 56.04%.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Manulife Financial

Several hedge funds have recently added to or reduced their stakes in the stock. Baron Wealth Management LLC grew its holdings in Manulife Financial by 2.3% during the third quarter. Baron Wealth Management LLC now owns 14,400 shares of the financial services provider’s stock valued at $426,000 after purchasing an additional 330 shares during the period. Americana Partners LLC raised its position in shares of Manulife Financial by 0.5% during the third quarter. Americana Partners LLC now owns 69,967 shares of the financial services provider’s stock worth $2,068,000 after purchasing an additional 364 shares during the period. Indiana Trust & Investment Management CO lifted its holdings in shares of Manulife Financial by 22.2% during the 2nd quarter. Indiana Trust & Investment Management CO now owns 2,540 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 462 shares in the last quarter. Addison Advisors LLC grew its position in shares of 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 period. Finally, LRI Investments LLC increased its stake in Manulife Financial by 8.6% during the 2nd quarter. LRI Investments LLC now owns 6,819 shares of the financial services provider’s stock worth $182,000 after purchasing an additional 542 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

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.

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.