Manulife Financial Corp $MFC Shares Acquired by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Manulife Financial Corp by 23.3%, now holding approximately 1.43 million shares valued at $44.66 million.
• Manulife Financial announced a quarterly dividend of $0.3199, which reflects an annualized payout of $1.28 and a dividend yield of 4.2%.
• Analysts currently rate Manulife Financial as a "Moderate Buy" with an average target price of $48.50, reflecting slight adjustments in their forecasts recently.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 23.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,433,146 shares of the financial services provider's stock after buying an additional 270,549 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.08% of Manulife Financial worth $44,663,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. JCIC Asset Management Inc. lifted its holdings in Manulife Financial by 5.6% during the first quarter. JCIC Asset Management Inc. now owns 6,749 shares of the financial services provider's stock valued at $210,000 after purchasing an additional 360 shares in the last quarter. Blair William & Co. IL boosted its position in Manulife Financial by 1.9% during the first quarter. Blair William & Co. IL now owns 19,878 shares of the financial services provider's stock worth $619,000 after acquiring an additional 377 shares during the last quarter. Pacer Advisors Inc. grew its stake in Manulife Financial by 3.0% during the 1st quarter. Pacer Advisors Inc. now owns 15,405 shares of the financial services provider's stock valued at $480,000 after acquiring an additional 444 shares in the last quarter. Napatree Capital LLC raised its holdings in Manulife Financial by 4.7% in the 1st quarter. Napatree Capital LLC now owns 10,279 shares of the financial services provider's stock valued at $320,000 after acquiring an additional 465 shares during the last quarter. Finally, Ancora Advisors LLC lifted its stake in Manulife Financial by 34.7% in the 4th quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock worth $60,000 after purchasing an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Royal Bank Of Canada dropped their price target on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Morgan Stanley set a $48.00 price objective on Manulife Financial in a research note on Monday, August 18th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.50.

Manulife Financial Stock Performance

Shares of NYSE MFC traded up $0.24 during mid-day trading on Wednesday, reaching $30.34. 2,875,545 shares of the company's stock were exchanged, compared to its average volume of 2,340,986. The firm has a market capitalization of $51.53 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 1.00 and a beta of 1.01. Manulife Financial Corp has a 52-week low of $25.92 and a 52-week high of $33.07. The company's 50-day moving average is $30.83 and its 200-day moving average is $30.57.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing analysts' consensus estimates of $0.71 by ($0.02). The company had revenue of $11.30 billion for the quarter. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. During the same period in the previous year, the company posted $0.91 EPS. As a group, equities analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th will be issued a $0.3199 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Wednesday, August 20th. This is an increase from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio (DPR) is currently 56.70%.

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.