Alberta Investment Management Corp Buys 236,808 Shares of Manulife Financial Co. (NYSE:MFC)

Alberta Investment Management Corp raised its position in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 5.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 4,896,049 shares of the financial services provider's stock after purchasing an additional 236,808 shares during the quarter. Manulife Financial makes up approximately 1.0% of Alberta Investment Management Corp's investment portfolio, making the stock its 13th largest holding. Alberta Investment Management Corp owned approximately 0.28% of Manulife Financial worth $150,333,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Brooklyn Investment Group acquired a new stake in shares of Manulife Financial during the third quarter worth $26,000. Crews Bank & Trust acquired a new stake in Manulife Financial during the 4th quarter worth about $26,000. Capital Performance Advisors LLP bought a new position in shares of Manulife Financial in the 3rd quarter worth about $30,000. Fortitude Family Office LLC bought a new position in shares of Manulife Financial in the 3rd quarter worth about $31,000. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Manulife Financial in the 4th quarter valued at about $34,000. Institutional investors own 52.56% of the company's stock.

Analysts Set New Price Targets

Separately, Royal Bank of Canada lifted their target price on Manulife Financial from $49.00 to $51.00 and gave the stock an "outperform" rating in a report on Friday. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Manulife Financial has an average rating of "Buy" and a consensus price target of $45.50.

Manulife Financial Stock Performance

Shares of NYSE MFC traded down $1.46 during trading on Friday, hitting $30.36. 1,450,320 shares of the company traded hands, compared to its average volume of 2,015,039. The firm has a market capitalization of $52.32 billion, a price-to-earnings ratio of 14.67, a P/E/G ratio of 1.04 and a beta of 1.09. The business's fifty day moving average is $30.33 and its 200 day moving average is $29.71. Manulife Financial Co. has a fifty-two week low of $22.61 and a fifty-two week high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.67 by $0.07. Manulife Financial had a return on equity of 16.15% and a net margin of 10.08%. The business had revenue of $9.31 billion for the quarter. On average, analysts predict that Manulife Financial Co. will post 2.88 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be issued a $0.3094 dividend. This is a boost from Manulife Financial's previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend is Wednesday, March 5th. Manulife Financial's dividend payout ratio (DPR) is currently 59.42%.

Manulife Financial 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.