Erste Asset Management GmbH Acquires New Position in Manulife Financial Co. (NYSE:MFC)

Erste Asset Management GmbH acquired a new stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 68,900 shares of the financial services provider’s stock, valued at approximately $2,036,000.

Other hedge funds have also added to or reduced their stakes in the company. Brooklyn Investment Group bought a new position in Manulife Financial in the third quarter worth approximately $26,000. West Financial Advisors LLC bought a new position in shares of Manulife Financial during the 3rd quarter worth $26,000. Grove Bank & Trust purchased a new position in shares of Manulife Financial during the second quarter valued at $25,000. Capital Performance Advisors LLP bought a new stake in shares of Manulife Financial in the third quarter valued at about $30,000. Finally, Fortitude Family Office LLC purchased a new stake in Manulife Financial in the third quarter worth about $31,000. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Stock Down 0.8 %

Shares of Manulife Financial stock opened at $32.07 on Wednesday. Manulife Financial Co. has a 52-week low of $19.53 and a 52-week high of $33.07. The firm’s 50 day moving average price is $30.85 and its 200-day moving average price is $28.01. The company has a market cap of $56.18 billion, a P/E ratio of 15.49, a PEG ratio of 1.19 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.30. The business had revenue of $10.69 billion for the quarter, compared to analyst estimates of $9.73 billion. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. During the same period in the previous year, the company earned $0.69 earnings per share. As a group, equities research analysts forecast that Manulife Financial Co. will post 2.72 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be issued a $0.296 dividend. This represents a $1.18 annualized dividend and a yield of 3.69%. The ex-dividend date is Wednesday, November 20th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.29. Manulife Financial’s dividend payout ratio (DPR) is currently 57.00%.

Analyst Upgrades and Downgrades

MFC has been the subject of several recent research reports. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Barclays assumed coverage on shares of Manulife Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating for the company. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Manulife Financial has a consensus rating of “Buy” and an average price target of $37.50.

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.