Bessemer Group Inc. Acquires 83,741 Shares of Manulife Financial Co. (NYSE:MFC)

Bessemer Group Inc. increased its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 2,913.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,615 shares of the financial services provider’s stock after acquiring an additional 83,741 shares during the quarter. Bessemer Group Inc.’s holdings in Manulife Financial were worth $2,163,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. Yousif Capital Management LLC increased its stake in shares of Manulife Financial by 1.5% during the first quarter. Yousif Capital Management LLC now owns 30,377 shares of the financial services provider’s stock valued at $759,000 after purchasing an additional 460 shares in the last quarter. First Affirmative Financial Network raised its stake in Manulife Financial by 4.5% during the first quarter. First Affirmative Financial Network now owns 11,086 shares of the financial services provider’s stock valued at $277,000 after buying an additional 482 shares during the last quarter. Bruce G. Allen Investments LLC boosted its holdings in Manulife Financial by 73.6% in the first quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 490 shares in the last quarter. Spire Wealth Management grew its stake in shares of Manulife Financial by 28.6% in the first quarter. Spire Wealth Management now owns 2,249 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 500 shares during the last quarter. Finally, Wesbanco Bank Inc. increased its holdings in shares of Manulife Financial by 3.6% during the first quarter. Wesbanco Bank Inc. now owns 14,469 shares of the financial services provider’s stock valued at $362,000 after acquiring an additional 506 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MFC shares. TD Securities raised their price target on shares of Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Manulife Financial Price Performance

Shares of MFC traded up $0.27 during mid-day trading on Thursday, reaching $25.94. 276,888 shares of the company’s stock traded hands, compared to its average volume of 2,858,192. Manulife Financial Co. has a 12 month low of $17.07 and a 12 month high of $27.51. The stock has a market cap of $46.29 billion, a P/E ratio of 14.92, a P/E/G ratio of 0.96 and a beta of 1.09. The stock’s 50-day moving average is $26.22 and its two-hundred day moving average is $24.42.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.04. The firm had revenue of $9.49 billion during the quarter, compared to the consensus estimate of $8.85 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. Research analysts predict that Manulife Financial Co. will post 2.73 earnings per share for the current year.

Manulife Financial Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Wednesday, May 22nd were given a $0.29 dividend. The ex-dividend date was Tuesday, May 21st. This represents a $1.16 annualized dividend and a dividend yield of 4.47%. Manulife Financial’s payout ratio is presently 67.44%.

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.