Mackenzie Financial Corp Boosts Holdings in Manulife Financial Co. (NYSE:MFC)

Mackenzie Financial Corp raised its holdings in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 0.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,614,416 shares of the financial services provider's stock after purchasing an additional 230,105 shares during the quarter. Manulife Financial accounts for about 1.0% of Mackenzie Financial Corp's holdings, making the stock its 22nd biggest position. Mackenzie Financial Corp owned approximately 1.43% of Manulife Financial worth $755,367,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in MFC. Norges Bank purchased a new stake in Manulife Financial in the 4th quarter valued at approximately $654,751,000. FIL Ltd lifted its position in shares of Manulife Financial by 21.7% during the 4th 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. Geode Capital Management LLC grew its holdings in shares of Manulife Financial by 28.7% in the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock worth $333,291,000 after acquiring an additional 2,377,338 shares during the period. Canada Pension Plan Investment Board grew its holdings in shares of Manulife Financial by 42.1% in the 4th quarter. Canada Pension Plan Investment Board now owns 7,427,745 shares of the financial services provider's stock worth $227,895,000 after acquiring an additional 2,200,000 shares during the period. Finally, Hillsdale Investment Management Inc. grew its holdings in shares of Manulife Financial by 216.0% in the 4th quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider's stock worth $78,110,000 after acquiring an additional 1,739,853 shares during the period. Hedge funds and other institutional investors own 52.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MFC. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada upped their price target on Manulife Financial from $49.00 to $51.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Finally, Morgan Stanley set a $46.00 price target on Manulife Financial in a report on Monday, May 19th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $45.67.

Manulife Financial Trading Up 1.8%

Shares of Manulife Financial stock traded up $0.55 during trading hours on Tuesday, reaching $31.76. 1,278,628 shares of the company's stock were exchanged, compared to its average volume of 2,144,487. Manulife Financial Co. has a 52-week low of $23.30 and a 52-week high of $33.07. The firm has a market capitalization of $54.40 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 1.11 and a beta of 1.00. The company has a fifty day moving average of $30.28 and a 200-day moving average of $30.56.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted 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 10.08% and a return on equity of 15.98%. The business had revenue of $1.49 billion during the quarter. During the same quarter last year, the firm earned $0.94 EPS. On average, equities research analysts anticipate that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 4.02%. 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 dividend payout ratio is 63.87%.

About Manulife Financial

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.