Rossby Financial LCC Makes New Investment in Manulife Financial Corp (NYSE:MFC)

Rossby Financial LCC purchased a new stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 8,034 shares of the financial services provider's stock, valued at approximately $243,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of MFC. K.J. Harrison & Partners Inc raised its holdings in Manulife Financial by 62.2% during the first quarter. K.J. Harrison & Partners Inc now owns 78,059 shares of the financial services provider's stock valued at $2,435,000 after acquiring an additional 29,929 shares during the period. Little House Capital LLC raised its holdings in Manulife Financial by 5.1% during the first quarter. Little House Capital LLC now owns 35,488 shares of the financial services provider's stock valued at $1,105,000 after acquiring an additional 1,721 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Manulife Financial by 4.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 437,523 shares of the financial services provider's stock valued at $13,896,000 after purchasing an additional 16,873 shares in the last quarter. Gold Investment Management Ltd. grew its position in shares of Manulife Financial by 4.5% during the first quarter. Gold Investment Management Ltd. now owns 191,492 shares of the financial services provider's stock valued at $5,969,000 after purchasing an additional 8,275 shares in the last quarter. Finally, Achmea Investment Management B.V. grew its position in shares of Manulife Financial by 4.4% during the first quarter. Achmea Investment Management B.V. now owns 889,777 shares of the financial services provider's stock valued at $27,721,000 after purchasing an additional 37,226 shares in the last quarter. 52.56% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Manulife Financial Price Performance

Shares of NYSE:MFC traded up $0.17 during trading hours on Friday, hitting $31.62. 936,889 shares of the company's stock traded hands, compared to its average volume of 2,175,415. Manulife Financial Corp has a 1 year low of $23.30 and a 1 year high of $33.07. The business has a fifty day moving average price of $31.50 and a 200-day moving average price of $30.51. The firm has a market capitalization of $54.01 billion, a P/E ratio of 16.56, 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 announced its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (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 business had revenue of $1.49 billion for the quarter. During the same period in the previous year, the business earned $0.94 EPS. As a group, equities analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 19th. Investors of record on Wednesday, May 21st were paid a $0.3194 dividend. This is an increase from Manulife Financial's previous quarterly dividend of $0.31. The ex-dividend date was Wednesday, May 21st. This represents a $1.28 dividend on an annualized basis and a yield of 4.04%. Manulife Financial's payout ratio is 67.02%.

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.