Raymond James Financial Inc. Acquires Shares of 527,949 Manulife Financial Co. (NYSE:MFC)

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

A number of other institutional investors and hedge funds also recently modified their holdings of MFC. Crews Bank & Trust purchased a new stake in Manulife Financial in the fourth quarter valued at approximately $26,000. Lee Danner & Bass Inc. purchased a new stake in shares of Manulife Financial during the 4th quarter valued at $31,000. Stonebridge Financial Group LLC acquired a new stake in shares of Manulife Financial during the 4th quarter worth $34,000. Golden State Wealth Management LLC purchased a new position in shares of Manulife Financial in the 4th quarter worth $35,000. Finally, CKW Financial Group acquired a new position in Manulife Financial in the fourth quarter valued at $37,000. Institutional investors and hedge funds own 52.56% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada lifted their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $45.50.

Manulife Financial Stock Performance

Shares of MFC stock traded up $0.53 during trading hours on Wednesday, reaching $29.76. The company had a trading volume of 1,841,950 shares, compared to its average volume of 2,239,095. The stock's fifty day simple moving average is $29.70 and its 200 day simple moving average is $30.41. The company has a market capitalization of $51.14 billion, a P/E ratio of 14.38, a price-to-earnings-growth ratio of 1.11 and a beta of 0.89. Manulife Financial Co. has a twelve month low of $22.96 and a twelve month high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, topping 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 business had revenue of $9.31 billion for the quarter. As a group, equities analysts expect that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a $0.3094 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 4.16%. This is an increase from Manulife Financial's previous quarterly dividend of $0.30. Manulife Financial's dividend payout ratio is currently 58.45%.

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.