Oppenheimer & Co. Inc. Buys 1,902 Shares of Manulife Financial Corp (NYSE:MFC)

Oppenheimer & Co. Inc. lifted its stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 3.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,218 shares of the financial services provider’s stock after acquiring an additional 1,902 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Manulife Financial were worth $1,845,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in MFC. Lee Danner & Bass Inc. acquired a new stake in Manulife Financial during the fourth quarter worth approximately $31,000. Lazard Asset Management LLC acquired a new stake in Manulife Financial during the fourth quarter worth approximately $35,000. Transce3nd LLC acquired a new stake in Manulife Financial during the fourth quarter worth approximately $42,000. Millstone Evans Group LLC acquired a new stake in Manulife Financial during the fourth quarter worth approximately $44,000. Finally, Graney & King LLC acquired a new stake in Manulife Financial during the fourth quarter worth approximately $53,000. 52.56% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Morgan Stanley set a $46.00 target price on Manulife Financial in a research note on Monday, May 19th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $45.67.

Manulife Financial Stock Performance

Shares of Manulife Financial stock opened at $31.97 on Friday. Manulife Financial Corp has a 52 week low of $23.30 and a 52 week high of $33.07. The stock has a 50 day moving average price of $31.28 and a two-hundred day moving average price of $30.48. The stock has a market capitalization of $54.60 billion, a PE ratio of 16.74, a price-to-earnings-growth ratio of 1.09 and a beta of 1.01.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.01). The company had revenue of $1.49 billion for the quarter. Manulife Financial had a net margin of 9.58% and a return on equity of 15.84%. During the same quarter last year, the firm posted $0.94 earnings per share. Research analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 19th. Investors of record on Wednesday, May 21st were given a dividend of $0.3194 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.31. The ex-dividend date was Wednesday, May 21st. This represents a $1.28 annualized dividend and a dividend yield of 4.00%. Manulife Financial’s payout ratio is presently 67.02%.

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.