Canada Pension Plan Investment Board Has $227.90 Million Stake in Manulife Financial Co. (NYSE:MFC)

Canada Pension Plan Investment Board boosted its position in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 42.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,427,745 shares of the financial services provider's stock after purchasing an additional 2,200,000 shares during the quarter. Canada Pension Plan Investment Board owned about 0.43% of Manulife Financial worth $227,895,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Manulife Financial during the fourth quarter valued at about $654,751,000. FIL Ltd boosted its holdings in shares of Manulife Financial by 21.7% in the fourth quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider's stock valued at $1,216,880,000 after acquiring an additional 7,053,066 shares in the last quarter. Geode Capital Management LLC raised its holdings in Manulife Financial by 28.7% during the fourth quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock worth $333,291,000 after purchasing an additional 2,377,338 shares in the last quarter. Hillsdale Investment Management Inc. lifted its position in Manulife Financial by 216.0% in the fourth quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider's stock worth $78,110,000 after purchasing an additional 1,739,853 shares during the period. Finally, Mufg Securities Canada LTD. increased its position in shares of Manulife Financial by 69.5% during the 4th quarter. Mufg Securities Canada LTD. now owns 2,675,176 shares of the financial services provider's stock valued at $82,130,000 after purchasing an additional 1,096,933 shares during the period. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Stock Performance

NYSE:MFC traded up $0.91 during trading hours on Tuesday, hitting $29.31. 267,729 shares of the company's stock traded hands, compared to its average volume of 2,417,203. Manulife Financial Co. has a twelve month low of $22.96 and a twelve month high of $33.07. The stock's fifty day moving average price is $29.71 and its two-hundred day moving average price is $30.42. The firm has a market cap of $50.36 billion, a P/E ratio of 14.16, a P/E/G ratio of 1.11 and a beta of 0.89.

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

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid a $0.3094 dividend. This is a boost from Manulife Financial's previous quarterly dividend of $0.30. The ex-dividend date was Wednesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 4.22%. Manulife Financial's payout ratio is presently 58.45%.

Analysts Set New Price Targets

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

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.