Summit Global Investments Makes New Investment in Manulife Financial Co. (NYSE:MFC)

Summit Global Investments purchased a new stake in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 24,742 shares of the financial services provider's stock, valued at approximately $771,000.

Several other large investors have also modified their holdings of the business. Norges Bank bought a new stake in Manulife Financial during the 4th quarter valued at $654,751,000. FIL Ltd boosted its position in 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 in the last quarter. Geode Capital Management LLC boosted its position in Manulife Financial by 28.7% during the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock valued at $333,291,000 after acquiring an additional 2,377,338 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in Manulife Financial by 42.1% during the 4th quarter. Canada Pension Plan Investment Board now owns 7,427,745 shares of the financial services provider's stock valued at $227,895,000 after acquiring an additional 2,200,000 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its position in Manulife Financial by 216.0% during the 4th quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider's stock valued at $78,110,000 after acquiring an additional 1,739,853 shares in the last quarter. Institutional investors own 52.56% of the company's stock.

Analyst Upgrades and Downgrades

MFC has been the subject of a number of research analyst reports. Royal Bank of Canada raised their target price on Manulife Financial from $49.00 to $51.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a research note on Monday, February 3rd. Finally, Morgan Stanley set a $46.00 target price on Manulife Financial in a research note on Monday, May 19th. 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, the stock currently has a consensus rating of "Buy" and an average target price of $45.67.

Manulife Financial Trading Up 0.0%

Shares of NYSE MFC traded up $0.01 during trading on Tuesday, reaching $31.98. 1,226,076 shares of the company traded hands, compared to its average volume of 2,129,757. The firm's fifty day simple moving average is $30.36 and its 200 day simple moving average is $30.53. The stock has a market cap of $54.77 billion, a P/E ratio of 15.45, a PEG ratio of 1.11 and a beta of 1.00. Manulife Financial Co. has a 12-month low of $23.30 and a 12-month high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings data 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 business had revenue of $1.49 billion during the quarter. During the same quarter in the previous year, the company earned $0.94 EPS. As a group, research analysts expect that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Wednesday, May 21st will be issued a $0.3194 dividend. The ex-dividend date is Wednesday, May 21st. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a yield of 3.99%. Manulife Financial's dividend payout ratio is currently 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.