Renaissance Technologies LLC Takes Position in Manulife Financial Co. (NYSE:MFC)

Renaissance Technologies LLC purchased a new stake in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 73,450 shares of the financial services provider's stock, valued at approximately $2,256,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Barclays PLC raised its holdings in Manulife Financial by 60.1% in the third quarter. Barclays PLC now owns 741,764 shares of the financial services provider's stock worth $21,919,000 after purchasing an additional 278,307 shares in the last quarter. Invst LLC grew its stake in shares of Manulife Financial by 24.8% during the 3rd quarter. Invst LLC now owns 19,929 shares of the financial services provider's stock valued at $589,000 after purchasing an additional 3,964 shares during the period. World Investment Advisors LLC grew its position in shares of Manulife Financial by 30.1% during the 3rd quarter. World Investment Advisors LLC now owns 12,351 shares of the financial services provider's stock valued at $365,000 after acquiring an additional 2,860 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Manulife Financial in the third quarter worth about $119,000. Finally, Franklin Resources Inc. raised its stake in Manulife Financial by 16.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider's stock worth $61,426,000 after acquiring an additional 279,418 shares during the period. 52.56% of the stock is owned by institutional investors.

Manulife Financial Stock Performance

Shares of MFC traded up $0.21 during trading hours on Thursday, hitting $30.83. The stock had a trading volume of 239,436 shares, compared to its average volume of 2,227,802. The firm has a 50-day moving average price of $29.71 and a 200 day moving average price of $30.42. The firm has a market capitalization of $52.98 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 1.11 and a beta of 0.89. Manulife Financial Co. has a fifty-two week low of $23.27 and a fifty-two week high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.07. The company had revenue of $9.31 billion for the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. As a group, analysts predict that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a $0.3094 dividend. This represents a $1.24 annualized dividend and a yield of 4.01%. The ex-dividend date of this dividend was Wednesday, March 5th. This is an increase from Manulife Financial's previous quarterly dividend of $0.30. Manulife Financial's dividend payout ratio (DPR) is 58.45%.

Analyst Ratings Changes

Several brokerages have commented on MFC. Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a research note on Monday, February 3rd. Royal Bank of Canada upped their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a report on Friday, February 21st. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Manulife Financial has a consensus rating of "Buy" and a consensus price target of $45.50.

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.