Thoroughbred Financial Services LLC Invests $448,000 in Manulife Financial Co. (NYSE:MFC)

Thoroughbred Financial Services LLC purchased a new stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 14,589 shares of the financial services provider’s stock, valued at approximately $448,000.

Other hedge funds have also bought and sold shares of the company. Franklin Resources Inc. lifted its holdings in shares of Manulife Financial by 16.4% during the third quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider’s stock valued at $61,426,000 after purchasing an additional 279,418 shares during the last quarter. Sanctuary Advisors LLC increased its position in Manulife Financial by 148.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider’s stock valued at $2,382,000 after buying an additional 43,877 shares in the last quarter. Dorsey & Whitney Trust CO LLC purchased a new position in Manulife Financial during the fourth quarter valued at $330,000. AEGON ASSET MANAGEMENT UK Plc boosted its holdings in Manulife Financial by 14.9% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider’s stock worth $2,719,000 after acquiring an additional 11,509 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Manulife Financial by 4.7% in the fourth quarter. Bank of New York Mellon Corp now owns 1,809,774 shares of the financial services provider’s stock worth $55,578,000 after acquiring an additional 81,799 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Analysts Set New Price Targets

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

Manulife Financial Stock Performance

NYSE MFC opened at $27.79 on Monday. Manulife Financial Co. has a one year low of $22.61 and a one year high of $33.07. The stock has a 50-day moving average of $30.16 and a 200 day moving average of $30.53. The company has a market capitalization of $47.87 billion, a price-to-earnings ratio of 13.43, a PEG ratio of 1.11 and a beta of 0.89.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.07. The firm had revenue of $9.31 billion during the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. On average, equities analysts predict that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.3094 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 4.45%. Manulife Financial’s payout ratio is currently 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.