M&T Bank Corp Raises Position in Manulife Financial Corp (NYSE:MFC)

M&T Bank Corp grew its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 24.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,047 shares of the financial services provider's stock after purchasing an additional 10,153 shares during the period. M&T Bank Corp's holdings in Manulife Financial were worth $1,590,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MFC. JCIC Asset Management Inc. raised its position in shares of Manulife Financial by 5.6% in the 1st quarter. JCIC Asset Management Inc. now owns 6,749 shares of the financial services provider's stock worth $210,000 after acquiring an additional 360 shares in the last quarter. Erste Asset Management GmbH grew its stake in Manulife Financial by 0.6% in the fourth quarter. Erste Asset Management GmbH now owns 69,300 shares of the financial services provider's stock worth $2,133,000 after purchasing an additional 400 shares during the period. TIAA Trust National Association raised its holdings in Manulife Financial by 5.0% in the fourth quarter. TIAA Trust National Association now owns 8,419 shares of the financial services provider's stock worth $259,000 after purchasing an additional 404 shares in the last quarter. Ancora Advisors LLC lifted its position in Manulife Financial by 34.7% during the fourth quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock valued at $60,000 after buying an additional 500 shares during the period. Finally, Napatree Capital LLC boosted its holdings in shares of Manulife Financial by 5.8% during the 4th quarter. Napatree Capital LLC now owns 9,814 shares of the financial services provider's stock valued at $301,000 after buying an additional 536 shares in the last quarter. Institutional investors own 52.56% of the company's stock.

Manulife Financial Trading Up 0.7%

NYSE:MFC traded up $0.22 during trading hours on Wednesday, reaching $30.47. The company had a trading volume of 1,730,544 shares, compared to its average volume of 2,337,360. The firm has a market cap of $52.05 billion, a price-to-earnings ratio of 15.96, a PEG ratio of 1.04 and a beta of 0.99. The firm's 50 day moving average price is $31.43 and its 200-day moving average price is $30.51. Manulife Financial Corp 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 released its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.01). The firm had revenue of $1.49 billion during the quarter. Manulife Financial had a return on equity of 15.84% and a net margin of 9.58%. During the same quarter in the prior year, the business posted $0.94 EPS. On average, analysts forecast that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently declared 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 is an increase from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date was Wednesday, May 21st. Manulife Financial's payout ratio is currently 66.49%.

Wall Street Analysts Forecast Growth

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

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.