K.J. Harrison & Partners Inc Purchases 30,554 Shares of Manulife Financial Co. (NYSE:MFC)

K.J. Harrison & Partners Inc grew its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 173.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,130 shares of the financial services provider’s stock after purchasing an additional 30,554 shares during the quarter. K.J. Harrison & Partners Inc’s holdings in Manulife Financial were worth $1,467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Private Advisor Group LLC increased its stake in Manulife Financial by 1.2% in the 3rd quarter. Private Advisor Group LLC now owns 69,436 shares of the financial services provider’s stock worth $2,052,000 after buying an additional 839 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Manulife Financial in the third quarter worth about $956,000. Assenagon Asset Management S.A. grew its position in shares of Manulife Financial by 12.2% during the third quarter. Assenagon Asset Management S.A. now owns 58,804 shares of the financial services provider’s stock worth $1,740,000 after purchasing an additional 6,410 shares in the last quarter. Fortitude Family Office LLC bought a new stake in Manulife Financial during the 3rd quarter valued at approximately $31,000. Finally, Farmers & Merchants Investments Inc. lifted its holdings in Manulife Financial by 7.3% in the 3rd quarter. Farmers & Merchants Investments Inc. now owns 12,793 shares of the financial services provider’s stock worth $378,000 after purchasing an additional 865 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on MFC. Royal Bank of Canada increased their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $45.50.

Manulife Financial Price Performance

NYSE MFC opened at $30.79 on Thursday. Manulife Financial Co. has a 1-year low of $22.61 and a 1-year high of $33.07. The business has a 50 day simple moving average of $30.32 and a two-hundred day simple moving average of $29.91. The stock has a market capitalization of $53.05 billion, a PE ratio of 14.87, a P/E/G ratio of 1.11 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates 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. On average, analysts anticipate that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a dividend of $0.3094 per share. This represents a $1.24 annualized dividend and a dividend yield of 4.02%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, March 5th. Manulife Financial’s dividend payout ratio is currently 58.45%.

Manulife Financial Company 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.