Bridgewater Associates LP Has $41.55 Million Holdings in Manulife Financial Co. (NYSE:MFC)

Bridgewater Associates LP lifted its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 169.6% in the 3rd quarter, Holdings Channel reports. The fund owned 1,404,481 shares of the financial services provider’s stock after acquiring an additional 883,624 shares during the quarter. Bridgewater Associates LP’s holdings in Manulife Financial were worth $41,554,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Barclays started coverage on shares of Manulife Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating on the stock. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $37.50.

Manulife Financial Stock Performance

Shares of NYSE:MFC opened at $31.84 on Wednesday. Manulife Financial Co. has a 52-week low of $19.20 and a 52-week high of $33.07. The company has a market capitalization of $55.78 billion, a P/E ratio of 15.38, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The company has a 50-day simple moving average of $30.53 and a 200 day simple moving average of $27.81.

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

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be given a dividend of $0.296 per share. This represents a $1.18 dividend on an annualized basis and a yield of 3.72%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date is Wednesday, November 20th. Manulife Financial’s payout ratio is 57.00%.

Manulife Financial 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.