AGF Management Ltd. Has $33.81 Million Stake in Manulife Financial Co. (NYSE:MFC)

AGF Management Ltd. grew its stake in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 2,351.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,529,661 shares of the financial services provider's stock after purchasing an additional 1,467,271 shares during the quarter. AGF Management Ltd. owned approximately 0.08% of Manulife Financial worth $33,806,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in Manulife Financial during the third quarter worth approximately $27,000. Anchor Investment Management LLC acquired a new stake in Manulife Financial during the fourth quarter worth approximately $27,000. Trust Co. of Vermont raised its holdings in Manulife Financial by 478.5% during the third quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider's stock worth $28,000 after purchasing an additional 1,268 shares in the last quarter. NBC Securities Inc. acquired a new stake in Manulife Financial during the third quarter worth approximately $32,000. Finally, Goodman Advisory Group LLC acquired a new stake in Manulife Financial during the fourth quarter worth approximately $32,000. Institutional investors and hedge funds own 52.56% of the company's stock.

Wall Street Analysts Forecast Growth

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

Manulife Financial Price Performance

NYSE:MFC traded up $0.32 on Friday, reaching $26.05. The stock had a trading volume of 8,938,026 shares, compared to its average volume of 2,597,396. The company has a market cap of $46.78 billion, a price-to-earnings ratio of 15.15, a P/E/G ratio of 0.95 and a beta of 1.08. The firm's fifty day moving average is $24.03 and its two-hundred day moving average is $22.04. Manulife Financial Co. has a 12-month low of $17.07 and a 12-month high of $26.16.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its earnings results on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.05. The company had revenue of $10.96 billion for the quarter, compared to analyst estimates of $7.57 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.41%. As a group, research analysts forecast that Manulife Financial Co. will post 2.7 earnings per share for the current fiscal year.

Manulife Financial Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd will be issued a $0.29 dividend. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.16 dividend on an annualized basis and a yield of 4.45%. Manulife Financial's dividend payout ratio (DPR) is 69.19%.

Manulife Financial Company 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.