Barometer Capital Management Inc. Acquires New Holdings in Manulife Financial Co. (NYSE:MFC)

Barometer Capital Management Inc. bought a new position in shares of Manulife Financial Co. (NYSE:MFCFree Report) (TSE:MFC) during the fourth quarter, HoldingsChannel reports. The fund bought 33,800 shares of the financial services provider’s stock, valued at approximately $747,000.

Several other institutional investors also recently modified their holdings of the stock. Prudential PLC raised its position in Manulife Financial by 11.1% in the fourth quarter. Prudential PLC now owns 1,141,942 shares of the financial services provider’s stock valued at $25,235,000 after purchasing an additional 114,213 shares during the last quarter. Alberta Investment Management Corp grew its stake in shares of Manulife Financial by 21.4% in the fourth quarter. Alberta Investment Management Corp now owns 4,182,203 shares of the financial services provider’s stock worth $92,867,000 after purchasing an additional 737,203 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Manulife Financial in the fourth quarter valued at $1,846,000. Claret Asset Management Corp raised its position in Manulife Financial by 1.0% during the 4th quarter. Claret Asset Management Corp now owns 89,860 shares of the financial services provider’s stock worth $1,987,000 after purchasing an additional 904 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its holdings in Manulife Financial by 109.4% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 199,140 shares of the financial services provider’s stock worth $4,401,000 after buying an additional 104,026 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Trading Down 1.7 %

NYSE MFC traded down $0.45 during mid-day trading on Tuesday, hitting $25.79. The company’s stock had a trading volume of 1,489,407 shares, compared to its average volume of 3,162,592. The firm has a market capitalization of $46.31 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 0.94 and a beta of 1.09. The company’s 50 day simple moving average is $24.83 and its 200 day simple moving average is $23.24. Manulife Financial Co. has a twelve month low of $17.07 and a twelve month high of $26.81.

Manulife Financial (NYSE:MFCGet Free Report) (TSE:MFC) last posted its earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. The company had revenue of $9.49 billion for the quarter, compared to analyst estimates of $8.85 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. As a group, research analysts forecast that Manulife Financial Co. will post 2.74 EPS for the current year.

Manulife Financial Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.16 annualized dividend and a yield of 4.50%. Manulife Financial’s dividend payout ratio (DPR) is currently 67.44%.

Analysts Set New Price Targets

MFC has been the topic of a number of recent analyst reports. BMO Capital Markets raised Manulife Financial from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $31.00 to $35.00 in a research note on Thursday, February 15th. National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th. Jefferies Financial Group initiated coverage on Manulife Financial in a report on Thursday, February 22nd. They issued a “buy” rating for the company. Finally, Desjardins raised shares of 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 six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.33.

Check Out Our Latest Analysis on MFC

Manulife Financial Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Manulife Financial (NYSE:MFC)

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