Bank of New York Mellon Corp Purchases 81,799 Shares of Manulife Financial Co. (NYSE:MFC)

Bank of New York Mellon Corp increased its stake in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 4.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,809,774 shares of the financial services provider's stock after buying an additional 81,799 shares during the quarter. Bank of New York Mellon Corp owned about 0.10% of Manulife Financial worth $55,578,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Franklin Resources Inc. increased its position in Manulife Financial by 16.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider's stock worth $61,426,000 after purchasing an additional 279,418 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Manulife Financial by 148.9% during the third quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider's stock valued at $2,382,000 after buying an additional 43,877 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc raised its position in shares of Manulife Financial by 14.9% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider's stock worth $2,719,000 after buying an additional 11,509 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Manulife Financial in the third quarter valued at $13,318,000. Finally, DRW Securities LLC acquired a new position in shares of Manulife Financial in the 3rd quarter worth $1,008,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Stock Up 2.8 %

MFC stock traded up $0.82 during midday trading on Wednesday, reaching $30.01. 4,158,912 shares of the company's stock traded hands, compared to its average volume of 2,008,038. Manulife Financial Co. has a 1-year low of $22.61 and a 1-year high of $33.07. The company has a market cap of $51.71 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.11 and a beta of 1.05. The company has a 50-day simple moving average of $30.32 and a two-hundred day simple moving average of $30.08.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.67 by $0.07. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. The firm had revenue of $9.31 billion for the quarter. Equities research analysts forecast that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be given a dividend of $0.3094 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This is a boost from Manulife Financial's previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 4.12%. Manulife Financial's payout ratio is 58.45%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MFC. Royal Bank of Canada lifted their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. Scotiabank reissued an "outperform" rating on shares of Manulife Financial in a research report on Monday, February 3rd. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $45.50.

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.