FIL Ltd Acquires 7,053,066 Shares of Manulife Financial Co. (NYSE:MFC)

FIL Ltd boosted its holdings in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 21.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,610,614 shares of the financial services provider's stock after acquiring an additional 7,053,066 shares during the quarter. Manulife Financial accounts for 1.1% of FIL Ltd's portfolio, making the stock its 13th largest position. FIL Ltd owned about 2.30% of Manulife Financial worth $1,216,880,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in MFC. Crews Bank & Trust acquired a new stake in Manulife Financial in the fourth quarter worth about $26,000. Lee Danner & Bass Inc. bought a new position in shares of Manulife Financial during the 4th quarter valued at about $31,000. Stonebridge Financial Group LLC bought a new stake in Manulife Financial during the fourth quarter worth approximately $34,000. Golden State Wealth Management LLC acquired a new position in shares of Manulife Financial in the 4th quarter worth $35,000. Finally, CKW Financial Group acquired a new stake in Manulife Financial during the 4th quarter worth about $37,000. Institutional investors own 52.56% of the company's stock.

Manulife Financial Price Performance

Shares of NYSE MFC traded up $0.74 during trading hours on Friday, hitting $28.04. 4,106,230 shares of the stock were exchanged, compared to its average volume of 2,242,692. The firm has a market capitalization of $48.18 billion, a P/E ratio of 13.54, a P/E/G ratio of 1.11 and a beta of 0.89. Manulife Financial Co. has a one year low of $22.61 and a one year high of $33.07. The company's 50 day moving average is $29.85 and its 200 day moving average is $30.46.

Remove Ads

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate 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 during the quarter. Research analysts anticipate that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a $0.3094 dividend. This represents a $1.24 annualized dividend and a yield of 4.41%. This is a positive change from Manulife Financial's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Wednesday, March 5th. Manulife Financial's dividend payout ratio (DPR) is currently 58.45%.

Analyst Upgrades and Downgrades

MFC has been the topic of several research analyst reports. Scotiabank reaffirmed an "outperform" rating on shares of Manulife Financial in a research note on Monday, February 3rd. 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. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average 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.