Manulife Financial Co. (NYSE:MFC) Shares Purchased by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. lifted its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 11.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,157,710 shares of the financial services provider’s stock after purchasing an additional 118,880 shares during the period. Manulife Financial makes up about 2.1% of Hillsdale Investment Management Inc.’s investment portfolio, making the stock its 6th biggest position. Hillsdale Investment Management Inc. owned approximately 0.06% of Manulife Financial worth $25,594,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of MFC. Anchor Investment Management LLC acquired a new position in Manulife Financial during the 4th quarter valued at about $27,000. Trust Co. of Vermont lifted its holdings in Manulife Financial by 478.5% in the third quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider’s stock valued at $28,000 after buying an additional 1,268 shares during the period. NBC Securities Inc. bought a new position in Manulife Financial in the third quarter valued at approximately $32,000. Goodman Advisory Group LLC acquired a new stake in Manulife Financial during the 4th quarter worth $32,000. Finally, JFS Wealth Advisors LLC raised its position in shares of Manulife Financial by 72.9% during the 4th quarter. JFS Wealth Advisors LLC now owns 1,568 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 661 shares during the last quarter. 52.56% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Jefferies Financial Group started coverage on Manulife Financial in a research note on Thursday, February 22nd. They set a “buy” rating for the company. National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th. BMO Capital Markets raised shares of Manulife Financial from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $31.00 to $35.00 in a research note on Thursday, February 15th. Finally, Desjardins raised shares of Manulife Financial from a “hold” rating to a “buy” rating in a research note on Thursday, February 15th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.33.

Manulife Financial Trading Up 1.1 %

Shares of NYSE:MFC traded up $0.30 during trading on Friday, hitting $26.69. 2,173,897 shares of the company’s stock traded hands, compared to its average volume of 2,917,794. The company has a 50-day moving average price of $24.26 and a 200-day moving average price of $22.42. Manulife Financial Co. has a 52 week low of $17.07 and a 52 week high of $26.81. The company has a market cap of $47.93 billion, a price-to-earnings ratio of 15.52, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.05. The company had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $7.57 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. On average, analysts predict that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date of this dividend is Tuesday, May 21st. Manulife Financial’s dividend payout ratio (DPR) is presently 67.44%.

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.