Assetmark Inc. Has $18.53 Million Stock Holdings in Manulife Financial Corp (NYSE:MFC)

Key Points

• Assetmark Inc. has increased its holdings in Manulife Financial Corp by 4.0%, now owning 594,906 shares valued at approximately $18.5 million.
• Manulife Financial raised its quarterly dividend to $0.3194, marking a boost from the previous $0.31, with an annualized dividend yield of 4.08%.
• Morgan Stanley set a price target of $46.00 for Manulife Financial shares, indicating potential growth in value.

Assetmark Inc. increased its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 4.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 594,906 shares of the financial services provider's stock after buying an additional 22,849 shares during the period. Assetmark Inc.'s holdings in Manulife Financial were worth $18,531,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC bought a new stake in shares of Manulife Financial during the 4th quarter valued at about $35,000. Transce3nd LLC bought a new stake in shares of Manulife Financial during the 4th quarter valued at about $42,000. NBC Securities Inc. grew its position in shares of Manulife Financial by 178,700.0% during the 1st quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock valued at $55,000 after buying an additional 1,787 shares during the last quarter. Opal Wealth Advisors LLC acquired a new position in Manulife Financial during the 1st quarter valued at about $59,000. Finally, Ancora Advisors LLC boosted its stake in Manulife Financial by 34.7% during the 4th quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock valued at $60,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 52.56% of the company's stock.

Analyst Ratings Changes

Separately, Morgan Stanley set a $46.00 target price on shares of Manulife Financial in a research note on Monday, May 19th.

Manulife Financial Stock Up 0.5%

Shares of MFC stock traded up $0.17 during trading hours on Friday, reaching $31.31. 855,908 shares of the stock traded hands, compared to its average volume of 1,721,704. Manulife Financial Corp has a 1-year low of $23.30 and a 1-year high of $33.07. The business has a fifty day moving average price of $31.33 and a 200 day moving average price of $30.52. The firm has a market capitalization of $53.47 billion, a PE ratio of 16.39, a PEG ratio of 1.06 and a beta of 0.99.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.01). Manulife Financial had a net margin of 9.58% and a return on equity of 15.84%. The firm had revenue of $1.49 billion for the quarter. During the same quarter in the prior year, the company earned $0.94 EPS. Research analysts expect that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st were issued a dividend of $0.3194 per share. The ex-dividend date was Wednesday, May 21st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.08%. This is a positive change from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's payout ratio is currently 67.02%.

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.