Balyasny Asset Management L.P. Makes New $307,000 Investment in Manulife Financial Co. (NYSE:MFC)

Balyasny Asset Management L.P. bought a new stake in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,989 shares of the financial services provider's stock, valued at approximately $307,000.

Other hedge funds have also recently made changes to their positions in the company. Dorsey & Whitney Trust CO LLC bought a new stake in shares of Manulife Financial in the fourth quarter valued at $330,000. AEGON ASSET MANAGEMENT UK Plc raised its stake in shares of Manulife Financial by 14.9% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider's stock valued at $2,719,000 after buying an additional 11,509 shares during the period. Geode Capital Management LLC grew its position in shares of Manulife Financial by 28.7% in the fourth quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock valued at $333,291,000 after purchasing an additional 2,377,338 shares in the last quarter. Prudential Financial Inc. grew its position in shares of Manulife Financial by 60.4% in the fourth quarter. Prudential Financial Inc. now owns 36,200 shares of the financial services provider's stock valued at $1,112,000 after purchasing an additional 13,638 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Manulife Financial by 4.7% in the fourth quarter. Bank of New York Mellon Corp now owns 1,809,774 shares of the financial services provider's stock valued at $55,578,000 after purchasing an additional 81,799 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Stock Performance

Manulife Financial stock traded down $0.24 during midday trading on Tuesday, hitting $31.83. 11,079,555 shares of the company's stock were exchanged, compared to its average volume of 2,177,529. Manulife Financial Co. has a 52-week low of $23.30 and a 52-week high of $33.07. The stock has a 50-day moving average price of $30.13 and a two-hundred day moving average price of $30.56. The company has a market cap of $54.52 billion, a P/E ratio of 15.38, a PEG ratio of 1.11 and a beta of 1.00.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 EPS 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 period last year, the firm posted $0.94 EPS. As a group, sell-side analysts expect that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Wednesday, May 21st will be given a dividend of $0.3194 per share. This represents a $1.28 annualized dividend and a yield of 4.01%. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, May 21st. Manulife Financial's payout ratio is presently 63.87%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MFC shares. Royal Bank of Canada lifted their price target on Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a research report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $45.50.

Manulife Financial Company 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.