Manulife Financial Corp (NYSE:MFC) Stake Boosted by K.J. Harrison & Partners Inc

K.J. Harrison & Partners Inc grew its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 62.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 78,059 shares of the financial services provider's stock after purchasing an additional 29,929 shares during the quarter. K.J. Harrison & Partners Inc's holdings in Manulife Financial were worth $2,435,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in Manulife Financial during the fourth quarter worth about $654,751,000. FIL Ltd raised its holdings in shares of Manulife Financial by 21.7% in the 4th quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider's stock worth $1,216,880,000 after purchasing an additional 7,053,066 shares in the last quarter. Geode Capital Management LLC lifted its stake in Manulife Financial by 28.7% during 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 during the last quarter. Canada Pension Plan Investment Board boosted its holdings in Manulife Financial by 42.1% during the fourth quarter. Canada Pension Plan Investment Board now owns 7,427,745 shares of the financial services provider's stock worth $227,895,000 after buying an additional 2,200,000 shares in the last quarter. Finally, Hillsdale Investment Management Inc. grew its position in Manulife Financial by 216.0% in the fourth quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider's stock worth $78,110,000 after buying an additional 1,739,853 shares during the last quarter. Institutional investors own 52.56% of the company's stock.

Manulife Financial Price Performance

NYSE MFC traded down $0.54 on Wednesday, hitting $31.46. 2,084,060 shares of the company were exchanged, compared to its average volume of 2,377,567. Manulife Financial Corp has a twelve month low of $23.30 and a twelve month high of $33.07. The company's 50 day moving average price is $31.41 and its 200-day moving average price is $30.49. The firm has a market capitalization of $53.73 billion, a P/E ratio of 16.47, a price-to-earnings-growth ratio of 1.09 and a beta of 0.99.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly 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 net margin of 9.58% and a return on equity of 15.84%. The firm had revenue of $1.49 billion during the quarter. During the same period in the previous year, the business posted $0.94 EPS. As a group, equities analysts expect that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st were paid a dividend of $0.3194 per share. This represents a $1.28 annualized dividend and a yield of 4.06%. The ex-dividend date was Wednesday, May 21st. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's payout ratio is 67.02%.

Wall Street Analyst Weigh In

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

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.