K.J. Harrison & Partners Inc Buys 30,554 Shares of Manulife Financial Co. (NYSE:MFC)

K.J. Harrison & Partners Inc grew its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 173.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 48,130 shares of the financial services provider’s stock after acquiring an additional 30,554 shares during the quarter. K.J. Harrison & Partners Inc’s holdings in Manulife Financial were worth $1,467,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MFC. Franklin Resources Inc. increased its holdings in shares of Manulife Financial by 16.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider’s stock worth $61,426,000 after purchasing an additional 279,418 shares in the last quarter. Sanctuary Advisors LLC increased its holdings in Manulife Financial by 148.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider’s stock worth $2,382,000 after buying an additional 43,877 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc raised its position in Manulife Financial by 14.9% in the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider’s stock worth $2,719,000 after buying an additional 11,509 shares during the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in Manulife Financial during the 3rd quarter valued at about $13,318,000. Finally, DRW Securities LLC purchased a new stake in shares of Manulife Financial during the 3rd quarter valued at about $1,008,000. 52.56% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MFC shares. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada boosted 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 assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Manulife Financial currently has an average rating of “Buy” and a consensus price target of $45.50.

Manulife Financial Stock Up 0.2 %

NYSE MFC opened at $30.79 on Thursday. The company has a 50-day moving average price of $30.32 and a 200-day moving average price of $29.91. Manulife Financial Co. has a 52 week low of $22.61 and a 52 week high of $33.07. The firm has a market capitalization of $53.05 billion, a P/E ratio of 14.87, a PEG ratio of 1.11 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results 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 business had revenue of $9.31 billion during the quarter. As a group, equities research analysts anticipate that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be issued a $0.3094 dividend. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date is Wednesday, March 5th. Manulife Financial’s dividend payout ratio (DPR) is currently 58.45%.

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.