Manulife Financial Corp (NYSE:MFC) Shares Acquired by Golden State Wealth Management LLC

Golden State Wealth Management LLC increased its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 118.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,486 shares of the financial services provider’s stock after buying an additional 1,349 shares during the period. Golden State Wealth Management LLC’s holdings in Manulife Financial were worth $77,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MFC. Lee Danner & Bass Inc. purchased a new stake in Manulife Financial during the 4th quarter worth $31,000. Lazard Asset Management LLC purchased a new stake in Manulife Financial during the 4th quarter worth $35,000. Transce3nd LLC purchased a new stake in Manulife Financial during the 4th quarter worth $42,000. Millstone Evans Group LLC purchased a new stake in Manulife Financial during the 4th quarter worth $44,000. Finally, Graney & King LLC purchased a new stake in Manulife Financial during the 4th quarter worth $53,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley set a $46.00 price target on shares of Manulife Financial in a research note on Monday, May 19th.

Manulife Financial Stock Performance

MFC opened at $31.96 on Tuesday. The company has a 50-day moving average of $31.36 and a 200-day moving average of $30.48. The company has a market capitalization of $54.59 billion, a P/E ratio of 16.73, a PEG ratio of 1.09 and a beta of 1.01. Manulife Financial Corp has a 1-year low of $23.30 and a 1-year high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.01). The company had revenue of $1.49 billion during the quarter. Manulife Financial had a return on equity of 15.84% and a net margin of 9.58%. During the same period in the prior year, the firm earned $0.94 earnings per share. As a group, sell-side analysts expect that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

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

About Manulife Financial

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.