Manulife Financial Co. (NYSE:MFC) Stake Boosted by Private Advisor Group LLC

Private Advisor Group LLC grew its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 295.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,860 shares of the financial services provider’s stock after acquiring an additional 45,469 shares during the period. Private Advisor Group LLC’s holdings in Manulife Financial were worth $1,521,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of MFC. Norges Bank acquired a new position in Manulife Financial during the fourth quarter worth $473,568,000. FIL Ltd increased its position in Manulife Financial by 750.5% during the fourth quarter. FIL Ltd now owns 9,910,281 shares of the financial services provider’s stock worth $218,990,000 after buying an additional 8,745,071 shares during the last quarter. TD Asset Management Inc increased its position in Manulife Financial by 26.5% during the fourth quarter. TD Asset Management Inc now owns 37,066,418 shares of the financial services provider’s stock worth $823,074,000 after buying an additional 7,766,870 shares during the last quarter. CIBC Asset Management Inc increased its position in Manulife Financial by 47.4% during the fourth quarter. CIBC Asset Management Inc now owns 20,710,186 shares of the financial services provider’s stock worth $459,108,000 after buying an additional 6,663,997 shares during the last quarter. Finally, Clearbridge Investments LLC acquired a new position in Manulife Financial during the fourth quarter worth $46,628,000. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Stock Performance

NYSE MFC opened at $27.17 on Thursday. The firm has a 50-day simple moving average of $25.94 and a 200 day simple moving average of $24.11. Manulife Financial Co. has a twelve month low of $17.07 and a twelve month high of $27.27. The stock has a market cap of $48.63 billion, a PE ratio of 15.80, a PEG ratio of 0.99 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.04. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. The business had revenue of $9.49 billion during the quarter, compared to analysts’ expectations of $8.85 billion. Research analysts forecast that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend was Tuesday, May 21st. Manulife Financial’s payout ratio is presently 67.44%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on MFC shares. National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a research report on Thursday, May 9th. TD Securities raised their price target on Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

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.