Achmea Investment Management B.V. purchased a new position in shares of Manulife Financial Co. (NYSE:MFC – Get Rating) (TSE:MFC) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 253,642 shares of the financial services provider’s stock, valued at approximately $5,414,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of MFC. BNP Paribas Arbitrage SA acquired a new position in Manulife Financial during the fourth quarter worth about $2,079,000. HighTower Advisors LLC raised its stake in Manulife Financial by 4.6% during the fourth quarter. HighTower Advisors LLC now owns 63,219 shares of the financial services provider’s stock worth $1,207,000 after purchasing an additional 2,756 shares during the period. Guardian Capital Advisors LP raised its stake in Manulife Financial by 10.6% during the fourth quarter. Guardian Capital Advisors LP now owns 171,671 shares of the financial services provider’s stock worth $3,505,000 after purchasing an additional 16,455 shares during the period. Candriam Luxembourg S.C.A. raised its stake in Manulife Financial by 3.2% during the fourth quarter. Candriam Luxembourg S.C.A. now owns 64,854 shares of the financial services provider’s stock worth $1,238,000 after purchasing an additional 2,039 shares during the period. Finally, Cumberland Partners Ltd raised its stake in Manulife Financial by 208.8% during the fourth quarter. Cumberland Partners Ltd now owns 26,607 shares of the financial services provider’s stock worth $508,000 after purchasing an additional 17,990 shares during the period. 44.50% of the stock is currently owned by institutional investors and hedge funds.
Manulife Financial Stock Performance
Shares of MFC stock opened at $17.78 on Monday. The stock has a market capitalization of $33.90 billion, a P/E ratio of 5.81, a price-to-earnings-growth ratio of 0.71 and a beta of 1.16. The company has a 50 day moving average price of $17.81 and a 200 day moving average price of $18.76. Manulife Financial Co. has a fifty-two week low of $16.27 and a fifty-two week high of $22.19.
Manulife Financial Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, September 19th. Shareholders of record on Tuesday, August 23rd will be issued a dividend of $0.258 per share. This represents a $1.03 annualized dividend and a yield of 5.80%. The ex-dividend date is Monday, August 22nd. This is a boost from Manulife Financial’s previous quarterly dividend of $0.26. Manulife Financial’s payout ratio is 33.66%.
Analyst Ratings Changes
A number of equities analysts have commented on MFC shares. StockNews.com downgraded shares of Manulife Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, May 17th. Desjardins boosted their price target on shares of Manulife Financial from C$24.00 to C$25.00 in a research note on Monday, August 15th. Scotiabank raised shares of Manulife Financial from a “sector perform” rating to a “sector outperform” rating in a research note on Wednesday, July 27th. Finally, National Bank Financial reduced their price target on shares of Manulife Financial from C$26.00 to C$25.00 in a research note on Tuesday, July 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Manulife Financial presently has a consensus rating of “Hold” and a consensus target price of $29.75.
Manulife Financial Profile
Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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 provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.
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