Raymond James Financial Inc. Takes Position in Manulife Financial Co. (NYSE:MFC)

Raymond James Financial Inc. bought a new position in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 527,949 shares of the financial services provider's stock, valued at approximately $16,213,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brooklyn Investment Group purchased a new stake in Manulife Financial during the third quarter worth about $26,000. Crews Bank & Trust purchased a new stake in shares of Manulife Financial during the 4th quarter worth approximately $26,000. Stonebridge Financial Group LLC acquired a new stake in shares of Manulife Financial in the 4th quarter worth approximately $34,000. Golden State Wealth Management LLC purchased a new position in Manulife Financial in the 4th quarter valued at approximately $35,000. Finally, CKW Financial Group acquired a new position in Manulife Financial during the fourth quarter worth $37,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Trading Down 0.3 %

Shares of NYSE:MFC traded down $0.09 on Friday, hitting $30.45. The company had a trading volume of 1,467,127 shares, compared to its average volume of 1,956,571. The company has a market cap of $52.45 billion, a PE ratio of 14.71, a PEG ratio of 1.11 and a beta of 1.05. Manulife Financial Co. has a 52-week low of $22.61 and a 52-week high of $33.07. The business has a 50 day moving average of $30.04 and a 200 day moving average of $30.25.

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Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.67 by $0.07. The company had revenue of $9.31 billion for the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. As a group, equities analysts predict 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 was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a $0.3094 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This is an increase from Manulife Financial's previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 4.06%. Manulife Financial's payout ratio is 58.45%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MFC. Royal Bank of Canada raised their price target on Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a report on Monday, February 3rd. 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 company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus 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.