Manulife Financial Co. (NYSE:MFC) Shares Acquired by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. lifted its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 0.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 201,094 shares of the financial services provider’s stock after purchasing an additional 1,117 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Manulife Financial were worth $4,445,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in MFC. Vanguard Group Inc. grew its holdings in Manulife Financial by 1.5% during the third quarter. Vanguard Group Inc. now owns 71,526,674 shares of the financial services provider’s stock worth $1,307,508,000 after acquiring an additional 1,086,776 shares during the period. Legal & General Group Plc raised its holdings in shares of Manulife Financial by 4.2% in the 3rd quarter. Legal & General Group Plc now owns 11,138,365 shares of the financial services provider’s stock worth $204,468,000 after purchasing an additional 446,444 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Manulife Financial by 7.8% during the third quarter. JPMorgan Chase & Co. now owns 10,680,517 shares of the financial services provider’s stock valued at $195,240,000 after purchasing an additional 775,135 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Manulife Financial by 1.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 9,445,466 shares of the financial services provider’s stock worth $172,663,000 after buying an additional 119,192 shares in the last quarter. Finally, AustralianSuper Pty Ltd increased its holdings in shares of Manulife Financial by 11.2% in the fourth quarter. AustralianSuper Pty Ltd now owns 5,793,161 shares of the financial services provider’s stock valued at $128,019,000 after buying an additional 582,468 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Trading Down 0.8 %

NYSE MFC traded down $0.18 during trading on Wednesday, hitting $23.41. 407,826 shares of the company traded hands, compared to its average volume of 3,217,861. The company has a market capitalization of $42.16 billion, a P/E ratio of 12.22, a PEG ratio of 0.87 and a beta of 1.08. The business has a fifty day simple moving average of $24.03 and a 200 day simple moving average of $21.55. Manulife Financial Co. has a 12 month low of $17.07 and a 12 month high of $25.14.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.05. The firm had revenue of $10.96 billion during the quarter, compared to analysts’ expectations of $7.57 billion. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%. Equities research analysts predict that Manulife Financial Co. will post 2.71 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Wednesday, February 28th were given a dividend of $0.298 per share. This represents a $1.19 annualized dividend and a dividend yield of 5.09%. The ex-dividend date of this dividend was Tuesday, February 27th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.26. Manulife Financial’s payout ratio is currently 61.66%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group assumed coverage on Manulife Financial in a research note on Thursday, February 22nd. They set a “buy” rating for the company. Desjardins upgraded Manulife Financial from a “hold” rating to a “buy” rating in a report on Thursday, February 15th. Finally, BMO Capital Markets raised shares of Manulife Financial from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $31.00 to $35.00 in a research report on Thursday, February 15th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $33.33.

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.