Affinity Wealth Management LLC Acquires Shares of 126,301 Manulife Financial Co. (NYSE:MFC)

Affinity Wealth Management LLC acquired a new stake in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 126,301 shares of the financial services provider's stock, valued at approximately $3,934,000.

A number of other hedge funds also recently bought and sold shares of the company. Lee Danner & Bass Inc. purchased a new stake in shares of Manulife Financial in the fourth quarter worth approximately $31,000. Stonebridge Financial Group LLC acquired a new stake in shares of Manulife Financial in the fourth quarter worth $34,000. Golden State Wealth Management LLC acquired a new stake in shares of Manulife Financial in the fourth quarter worth $35,000. Lazard Asset Management LLC acquired a new stake in Manulife Financial during the fourth quarter worth $35,000. Finally, Transce3nd LLC acquired a new stake in Manulife Financial during the fourth quarter worth $42,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Stock Up 0.3%

Shares of MFC stock opened at $32.04 on Friday. The stock has a 50-day moving average price of $30.42 and a 200 day moving average price of $30.55. The firm has a market cap of $54.88 billion, a price-to-earnings ratio of 15.48, a PEG ratio of 1.11 and a beta of 1.00. Manulife Financial Co. has a 12 month low of $23.30 and a 12 month high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.01). The firm had revenue of $1.49 billion during the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. During the same period last year, the firm posted $0.94 EPS. Sell-side analysts predict that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Wednesday, May 21st will be given a $0.3194 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 3.99%. This is a positive change from Manulife Financial's previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, May 21st. Manulife Financial's dividend payout ratio (DPR) is presently 63.87%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Royal Bank of Canada lifted 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. Morgan Stanley set a $46.00 price objective on Manulife Financial in a report on Monday, May 19th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Manulife Financial has an average rating of "Buy" and a consensus price target of $45.67.

About Manulife Financial

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.

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