Avanza Fonder AB Grows Stake in Manulife Financial Corp $MFC

Avanza Fonder AB increased its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 19.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 127,025 shares of the financial services provider’s stock after purchasing an additional 20,881 shares during the quarter. Avanza Fonder AB’s holdings in Manulife Financial were worth $4,608,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Root Financial Partners LLC acquired a new position in shares of Manulife Financial during the 3rd quarter worth $25,000. Caldwell Trust Co acquired a new stake in Manulife Financial in the 2nd quarter valued at about $27,000. American Wealth Advisors LLC purchased a new position in Manulife Financial during the 3rd quarter valued at about $36,000. Goodman Advisory Group LLC purchased a new position in Manulife Financial during the 2nd quarter valued at about $39,000. Finally, Clearstead Trust LLC increased its holdings in Manulife Financial by 144.4% during the 3rd quarter. Clearstead Trust LLC now owns 1,256 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 742 shares in the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Stock Up 0.1%

Shares of MFC opened at $34.41 on Wednesday. Manulife Financial Corp has a fifty-two week low of $25.92 and a fifty-two week high of $38.72. The company’s fifty day moving average is $36.07 and its two-hundred day moving average is $34.58. The firm has a market cap of $57.67 billion, a PE ratio of 15.50 and a beta of 0.83.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.04. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.The business had revenue of $11.32 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the prior year, the firm posted $1.03 EPS. As a group, equities research analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Wednesday, February 25th were paid a dividend of $0.485 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.44. This represents a $1.94 annualized dividend and a yield of 5.6%. The ex-dividend date was Wednesday, February 25th. Manulife Financial’s payout ratio is currently 63.96%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Thursday, February 5th. Royal Bank Of Canada reissued an “outperform” rating on shares of Manulife Financial in a research note on Friday, February 13th. Canadian Imperial Bank of Commerce upgraded Manulife Financial from a “neutral” rating to an “outperform” rating in a research report on Thursday, January 8th. Weiss Ratings lowered Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a research note on Friday, February 13th. Finally, Morgan Stanley set a $51.00 target price on Manulife Financial in a report on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $51.50.

Manulife Financial Company Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.