Summitry LLC Raises Stock Position in Manulife Financial Co. (NYSE:MFC)

Summitry LLC raised its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 5.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,869 shares of the financial services provider’s stock after purchasing an additional 816 shares during the quarter. Summitry LLC’s holdings in Manulife Financial were worth $518,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MFC. Brooklyn Investment Group purchased a new stake in shares of Manulife Financial in the third quarter worth about $26,000. Crews Bank & Trust acquired a new position in Manulife Financial in the fourth quarter valued at approximately $26,000. Lee Danner & Bass Inc. purchased a new stake in Manulife Financial in the 4th quarter worth approximately $31,000. Stonebridge Financial Group LLC purchased a new position in shares of Manulife Financial during the 4th quarter valued at approximately $34,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Manulife Financial in the 4th quarter valued at $35,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on MFC shares. Royal Bank of Canada raised 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. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One equities research 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 company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $45.50.

Manulife Financial Stock Performance

Manulife Financial stock opened at $31.43 on Wednesday. The stock has a market capitalization of $54.14 billion, a P/E ratio of 15.18, a P/E/G ratio of 1.11 and a beta of 1.05. The company’s fifty day moving average price is $30.12 and its 200 day moving average price is $30.37. Manulife Financial Co. has a 1 year low of $22.61 and a 1 year high of $33.07.

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

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a dividend of $0.3094 per share. The ex-dividend date was Wednesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.94%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio is presently 58.45%.

Manulife Financial Company 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.