Geode Capital Management LLC Grows Position in Manulife Financial Co. (NYSE:MFC)

Geode Capital Management LLC grew its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 28.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,650,598 shares of the financial services provider’s stock after purchasing an additional 2,377,338 shares during the period. Geode Capital Management LLC’s holdings in Manulife Financial were worth $333,291,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of MFC. TD Asset Management Inc. lifted its position in Manulife Financial by 0.7% during the fourth quarter. TD Asset Management Inc. now owns 34,803,859 shares of the financial services provider’s stock valued at $1,068,654,000 after buying an additional 228,863 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Manulife Financial by 13.5% in the 3rd quarter. National Bank of Canada FI now owns 28,063,936 shares of the financial services provider’s stock valued at $829,374,000 after acquiring an additional 3,329,892 shares during the period. Norges Bank acquired a new position in shares of Manulife Financial during the 4th quarter valued at $654,751,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in Manulife Financial by 1.7% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,334,413 shares of the financial services provider’s stock worth $347,757,000 after purchasing an additional 190,738 shares during the period. Finally, Alberta Investment Management Corp increased its holdings in Manulife Financial by 5.1% in the 4th quarter. Alberta Investment Management Corp now owns 4,896,049 shares of the financial services provider’s stock valued at $150,333,000 after purchasing an additional 236,808 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

Shares of MFC stock opened at $27.79 on Friday. The company’s fifty day moving average price is $30.16 and its two-hundred day moving average price is $30.50. The firm has a market capitalization of $47.87 billion, a P/E ratio of 13.43, a P/E/G ratio of 1.11 and a beta of 0.89. Manulife Financial Co. has a 12 month low of $22.61 and a 12 month high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.67 by $0.07. The business had revenue of $9.31 billion for the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. On average, sell-side analysts anticipate that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a dividend of $0.3094 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.45%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio (DPR) is presently 58.45%.

Analysts Set New Price Targets

A number of research analysts have commented on MFC shares. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. Royal Bank of Canada boosted their price target on Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $45.50.

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.