Affinity Wealth Management LLC Takes $3.93 Million Position in Manulife Financial Co. (NYSE:MFC)

Affinity Wealth Management LLC acquired a new stake in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 126,301 shares of the financial services provider's stock, valued at approximately $3,934,000.

Other hedge funds also recently made changes to their positions in the company. Lee Danner & Bass Inc. purchased a new position in Manulife Financial in the 4th quarter worth $31,000. Stonebridge Financial Group LLC purchased a new stake in shares of Manulife Financial during the fourth quarter worth $34,000. Golden State Wealth Management LLC purchased a new position in Manulife Financial in the fourth quarter valued at $35,000. Lazard Asset Management LLC acquired a new stake in shares of Manulife Financial during the fourth quarter worth about $35,000. Finally, Mather Group LLC. acquired a new stake in shares of Manulife Financial during the 4th quarter valued at approximately $42,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MFC has been the subject of a number of recent research reports. Morgan Stanley set a $46.00 price objective on shares of Manulife Financial in a research note on Monday, May 19th. Royal Bank of Canada raised their price objective 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. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $45.67.

Manulife Financial Stock Performance

Shares of Manulife Financial stock traded down $0.09 during trading on Monday, reaching $32.35. The company had a trading volume of 3,312,002 shares, compared to its average volume of 2,133,871. The company has a market cap of $55.41 billion, a price-to-earnings ratio of 15.63, a price-to-earnings-growth ratio of 1.11 and a beta of 1.01. The firm's fifty day moving average is $30.43 and its 200-day moving average is $30.52. Manulife Financial Co. has a fifty-two week low of $23.30 and a fifty-two week high of $33.07.

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

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st will be issued a $0.3194 dividend. The ex-dividend date is Wednesday, May 21st. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 3.95%. Manulife Financial's dividend payout ratio (DPR) is 66.49%.

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.