Envestnet Asset Management Inc. grew its position in Manulife Financial Co. (NYSE:MFC – Get Rating) (TSE:MFC) by 4.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 681,809 shares of the financial services provider’s stock after purchasing an additional 30,252 shares during the period. Envestnet Asset Management Inc.’s holdings in Manulife Financial were worth $12,163,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of MFC. BlackRock Inc. raised its holdings in Manulife Financial by 10.1% in the first quarter. BlackRock Inc. now owns 878,359 shares of the financial services provider’s stock worth $18,753,000 after purchasing an additional 80,450 shares during the period. Raymond James Trust N.A. raised its holdings in Manulife Financial by 7.9% in the first quarter. Raymond James Trust N.A. now owns 27,503 shares of the financial services provider’s stock worth $587,000 after purchasing an additional 2,013 shares during the period. Cetera Investment Advisers acquired a new stake in Manulife Financial in the first quarter worth $428,000. Moors & Cabot Inc. raised its holdings in Manulife Financial by 2.3% in the first quarter. Moors & Cabot Inc. now owns 43,078 shares of the financial services provider’s stock worth $920,000 after purchasing an additional 956 shares during the period. Finally, Sequoia Financial Advisors LLC raised its holdings in Manulife Financial by 32.7% in the first quarter. Sequoia Financial Advisors LLC now owns 14,560 shares of the financial services provider’s stock worth $311,000 after purchasing an additional 3,585 shares during the period. 43.42% of the stock is currently owned by institutional investors and hedge funds.
Manulife Financial Trading Down 0.4 %
Manulife Financial stock opened at $19.90 on Wednesday. The company has a market cap of $36.73 billion, a P/E ratio of 7.06, a price-to-earnings-growth ratio of 0.83 and a beta of 1.11. Manulife Financial Co. has a 1-year low of $14.92 and a 1-year high of $20.40. The company has a fifty day simple moving average of $18.93 and a 200 day simple moving average of $18.49.
Manulife Financial Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, March 20th. Stockholders of record on Tuesday, February 28th were paid a dividend of $0.274 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 5.51%. The ex-dividend date was Monday, February 27th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.24. Manulife Financial’s dividend payout ratio (DPR) is currently 39.01%.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on MFC. StockNews.com began coverage on shares of Manulife Financial in a report on Thursday, March 16th. They set a “hold” rating on the stock. Royal Bank of Canada raised their price objective on shares of Manulife Financial from C$26.00 to C$28.00 and gave the stock a “sector perform” rating in a report on Friday, February 17th. National Bank Financial raised their price objective on shares of Manulife Financial from C$26.00 to C$27.00 in a report on Thursday, February 16th. Scotiabank raised their price objective on shares of Manulife Financial from C$27.00 to C$34.00 in a report on Monday, January 30th. Finally, Credit Suisse Group initiated coverage on shares of Manulife Financial in a report on Thursday, January 12th. They set a “neutral” rating on the stock. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Manulife Financial has a consensus rating of “Hold” and an average target price of $29.29.
Manulife Financial Company Profile
Manulife Financial Corp. engages in the provision of financial services. It operates through the following segments: Asia, Canada, U.S., Global Wealth and Asset Management, and Corporate and Other. The Asia segment refers to insurance and insurance-based wealth accumulation products in Asia. The Canada segment offers insurance-based wealth accumulation products and banking services in Canada.
- Get a free copy of the StockNews.com research report on Manulife Financial (MFC)
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