Maryland State Retirement & Pension System Buys 5,285 Shares of Manulife Financial Co. (NYSE:MFC)

Maryland State Retirement & Pension System increased its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 2.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 217,498 shares of the financial services provider’s stock after acquiring an additional 5,285 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Manulife Financial were worth $6,679,000 at the end of the most recent reporting period.

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

Manulife Financial Stock Performance

MFC opened at $30.51 on Thursday. The firm’s fifty day moving average is $30.04 and its two-hundred day moving average is $30.25. The firm has a market cap of $52.56 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 1.11 and a beta of 1.05. Manulife Financial Co. has a twelve month low of $22.61 and a twelve month high of $33.07.

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

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a $0.3094 dividend. The ex-dividend date was Wednesday, March 5th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 4.06%. Manulife Financial’s payout ratio is currently 58.45%.

Wall Street Analyst Weigh In

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

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.