Todd Asset Management LLC Purchases 251,356 Shares of Manulife Financial Co. (NYSE:MFC)

Todd Asset Management LLC grew its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 34.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 982,237 shares of the financial services provider’s stock after acquiring an additional 251,356 shares during the quarter. Todd Asset Management LLC owned about 0.06% of Manulife Financial worth $30,164,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of MFC. Brooklyn Investment Group bought a new position in shares of Manulife Financial during the 3rd quarter worth approximately $26,000. Crews Bank & Trust purchased a new stake in shares of Manulife Financial during the 4th quarter valued at $26,000. Capital Performance Advisors LLP acquired a new stake in shares of Manulife Financial in the 3rd quarter worth $30,000. Fortitude Family Office LLC purchased a new position in Manulife Financial during the 3rd quarter worth $31,000. Finally, Stonebridge Financial Group LLC acquired a new position in Manulife Financial during the 4th quarter valued at about $34,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Manulife Financial Stock Performance

NYSE:MFC opened at $30.10 on Tuesday. The company has a fifty day moving average of $30.30 and a two-hundred day moving average of $29.87. Manulife Financial Co. has a fifty-two week low of $22.61 and a fifty-two week high of $33.07. The stock has a market capitalization of $51.87 billion, a PE ratio of 14.54, a P/E/G ratio of 1.11 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate 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 during the quarter. Research analysts forecast that Manulife Financial Co. will post 2.87 earnings per share 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 issued a $0.3094 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 4.11%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio (DPR) is presently 58.45%.

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.