Intact Investment Management Inc. Acquires 465,650 Shares of Manulife Financial Co. (NYSE:MFC)

Intact Investment Management Inc. raised its stake in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 24.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,342,920 shares of the financial services provider's stock after purchasing an additional 465,650 shares during the quarter. Manulife Financial accounts for 2.1% of Intact Investment Management Inc.'s portfolio, making the stock its 11th biggest position. Intact Investment Management Inc. owned 0.13% of Manulife Financial worth $51,774,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Spinnaker Trust boosted its position in Manulife Financial by 1.6% in the fourth quarter. Spinnaker Trust now owns 127,835 shares of the financial services provider's stock worth $2,825,000 after purchasing an additional 2,034 shares during the last quarter. Kovack Advisors Inc. boosted its holdings in shares of Manulife Financial by 33.3% in the 4th quarter. Kovack Advisors Inc. now owns 29,235 shares of the financial services provider's stock worth $646,000 after purchasing an additional 7,306 shares during the period. Bfsg LLC purchased a new position in Manulife Financial during the 4th quarter valued at $87,000. Lorne Steinberg Wealth Management Inc. boosted its holdings in Manulife Financial by 0.6% during the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 201,094 shares of the financial services provider's stock valued at $4,445,000 after acquiring an additional 1,117 shares during the period. Finally, PDS Planning Inc bought a new stake in Manulife Financial during the 4th quarter valued at $204,000. Institutional investors own 52.56% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on MFC shares. Jefferies Financial Group started coverage on Manulife Financial in a research report on Thursday, February 22nd. They issued a "buy" rating for the company. BMO Capital Markets raised Manulife Financial from a "market perform" rating to an "outperform" rating and upped their target price for the company from $31.00 to $35.00 in a research report on Thursday, February 15th. Finally, Desjardins raised Manulife Financial from a "hold" rating to a "buy" rating in a research report on Thursday, February 15th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Manulife Financial has an average rating of "Moderate Buy" and a consensus price target of $33.33.

Manulife Financial Price Performance

Manulife Financial stock traded up $0.10 during trading on Friday, reaching $23.47. 1,552,896 shares of the company were exchanged, compared to its average volume of 2,294,516. Manulife Financial Co. has a 52-week low of $17.07 and a 52-week high of $25.14. The company has a market capitalization of $42.27 billion, a P/E ratio of 12.16, a PEG ratio of 0.86 and a beta of 1.08. The stock's 50 day simple moving average is $24.00 and its two-hundred day simple moving average is $21.64.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.05. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%. The company had revenue of $10.96 billion during the quarter, compared to analysts' expectations of $7.57 billion. As a group, equities analysts forecast that Manulife Financial Co. will post 2.71 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Wednesday, February 28th were issued a $0.298 dividend. This is an increase from Manulife Financial's previous quarterly dividend of $0.26. This represents a $1.19 annualized dividend and a dividend yield of 5.08%. The ex-dividend date of this dividend was Tuesday, February 27th. Manulife Financial's payout ratio is presently 61.66%.

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.