Bessemer Group Inc. Increases Stake in Manulife Financial Corp (NYSE:MFC)

Bessemer Group Inc. boosted its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 1,113.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,086,145 shares of the financial services provider's stock after acquiring an additional 996,656 shares during the period. Bessemer Group Inc. owned 0.06% of Manulife Financial worth $33,878,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of MFC. Lee Danner & Bass Inc. bought a new stake in Manulife Financial during the 4th quarter valued at about $31,000. Lazard Asset Management LLC bought a new stake in Manulife Financial during the 4th quarter valued at about $35,000. Transce3nd LLC bought a new stake in Manulife Financial during the 4th quarter valued at about $42,000. Millstone Evans Group LLC bought a new stake in Manulife Financial during the 4th quarter valued at about $44,000. Finally, Addison Advisors LLC increased its stake in Manulife Financial by 45.9% during the 4th quarter. Addison Advisors LLC now owns 1,428 shares of the financial services provider's stock valued at $44,000 after purchasing an additional 449 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Stock Performance

Shares of MFC traded down $0.12 during mid-day trading on Friday, hitting $31.97. 5,798,368 shares of the company traded hands, compared to its average volume of 2,165,340. The stock has a 50-day moving average price of $31.28 and a two-hundred day moving average price of $30.47. Manulife Financial Corp has a 1 year low of $23.30 and a 1 year high of $33.07. The stock has a market cap of $54.60 billion, a price-to-earnings ratio of 16.74, a P/E/G ratio of 1.09 and a beta of 1.01.

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 net margin of 9.58% and a return on equity of 15.84%. The company had revenue of $1.49 billion for the quarter. During the same period last year, the firm earned $0.94 earnings per share. On average, analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently disclosed 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. This represents a $1.28 annualized dividend and a dividend yield of 4.00%. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Wednesday, May 21st. Manulife Financial's payout ratio is presently 67.02%.

Wall Street Analyst Weigh In

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

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.