Vestmark Advisory Solutions Inc. Purchases Shares of 7,744 Manulife Financial Co. (NYSE:MFC)

Vestmark Advisory Solutions Inc. acquired a new position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,744 shares of the financial services provider’s stock, valued at approximately $238,000.

Several other institutional investors have also recently modified their holdings of MFC. National Bank of Canada FI boosted its stake in Manulife Financial by 13.5% in the third quarter. National Bank of Canada FI now owns 28,063,936 shares of the financial services provider’s stock worth $829,374,000 after buying an additional 3,329,892 shares in the last quarter. Bridgewater Associates LP lifted its holdings in shares of Manulife Financial by 169.6% in the 3rd quarter. Bridgewater Associates LP now owns 1,404,481 shares of the financial services provider’s stock worth $41,554,000 after acquiring an additional 883,624 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Manulife Financial by 1,067.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 686,418 shares of the financial services provider’s stock valued at $21,080,000 after purchasing an additional 627,614 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Manulife Financial by 8.1% during the 3rd quarter. Geode Capital Management LLC now owns 8,273,260 shares of the financial services provider’s stock valued at $247,473,000 after purchasing an additional 616,517 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Manulife Financial in the 3rd quarter worth $17,412,000. 52.56% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Royal Bank of Canada lifted their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $45.50.

Manulife Financial Trading Down 0.5 %

MFC stock opened at $29.23 on Monday. The firm’s 50-day moving average price is $30.25 and its two-hundred day moving average price is $30.15. Manulife Financial Co. has a 12-month low of $22.61 and a 12-month high of $33.07. The stock has a market capitalization of $50.37 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 1.11 and a beta of 1.05.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The firm had revenue of $9.31 billion for the quarter. Equities analysts predict that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be given a $0.3094 dividend. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.23%. Manulife Financial’s payout ratio is presently 58.45%.

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.