Manulife Financial Co. (NYSE:MFC) Shares Acquired by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 103.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,162,597 shares of the financial services provider's stock after acquiring an additional 590,644 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.07% of Manulife Financial worth $35,670,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. FIL Ltd increased its stake in shares of Manulife Financial by 21.7% during the fourth quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider's stock valued at $1,216,880,000 after acquiring an additional 7,053,066 shares during the period. TD Asset Management Inc. raised its holdings in shares of Manulife Financial by 0.7% during the 4th quarter. TD Asset Management Inc. now owns 34,803,859 shares of the financial services provider's stock valued at $1,068,654,000 after purchasing an additional 228,863 shares in the last quarter. Toronto Dominion Bank boosted its position in Manulife Financial by 4.1% during the fourth quarter. Toronto Dominion Bank now owns 22,812,909 shares of the financial services provider's stock worth $699,948,000 after purchasing an additional 902,466 shares during the period. Norges Bank acquired a new stake in shares of Manulife Financial in the fourth quarter valued at about $654,751,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Manulife Financial by 1.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,334,413 shares of the financial services provider's stock valued at $347,757,000 after purchasing an additional 190,738 shares during the period. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Stock Performance

MFC opened at $31.83 on Wednesday. The firm has a market capitalization of $54.52 billion, a PE ratio of 15.38, a PEG ratio of 1.11 and a beta of 1.00. The business's 50-day simple moving average is $30.20 and its 200 day simple moving average is $30.56. Manulife Financial Co. has a 52-week low of $23.30 and a 52-week high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.01). Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The company had revenue of $1.49 billion during the quarter. During the same quarter in the prior year, the business posted $0.94 EPS. On average, research analysts forecast that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st will be issued a dividend of $0.3194 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date of this dividend is Wednesday, May 21st. This is an increase from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's dividend payout ratio is 63.87%.

Wall Street Analyst Weigh In

MFC has been the subject of several recent research reports. Royal Bank of Canada increased their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Scotiabank reissued an "outperform" rating on shares of Manulife Financial in a research report on Monday, February 3rd. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Manulife Financial presently has an average rating of "Buy" and an average price target of $45.50.

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.

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