Norges Bank Invests $654.75 Million in Manulife Financial Co. (NYSE:MFC)

Norges Bank acquired a new position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) during the 4th quarter, Holdings Channel.com reports. The firm acquired 21,340,230 shares of the financial services provider’s stock, valued at approximately $654,751,000.

Several other institutional investors have also modified their holdings of MFC. Franklin Resources Inc. raised its holdings in shares of Manulife Financial by 16.4% in the third quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider’s stock valued at $61,426,000 after purchasing an additional 279,418 shares during the last quarter. Sanctuary Advisors LLC lifted its holdings in Manulife Financial by 148.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider’s stock valued at $2,382,000 after purchasing an additional 43,877 shares during the last quarter. Dorsey & Whitney Trust CO LLC acquired a new position in Manulife Financial in the 4th quarter valued at about $330,000. AEGON ASSET MANAGEMENT UK Plc increased its stake in shares of Manulife Financial by 14.9% during the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider’s stock worth $2,719,000 after purchasing an additional 11,509 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Manulife Financial by 4.7% during the fourth quarter. Bank of New York Mellon Corp now owns 1,809,774 shares of the financial services provider’s stock worth $55,578,000 after buying an additional 81,799 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Up 0.1 %

Shares of MFC stock opened at $31.14 on Friday. The firm has a market cap of $53.65 billion, a P/E ratio of 15.04, a PEG ratio of 1.11 and a beta of 1.05. Manulife Financial Co. has a 12-month low of $22.61 and a 12-month high of $33.07. The company has a 50 day moving average of $30.14 and a 200-day moving average of $30.38.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results 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 during the quarter. As a group, equities analysts expect that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a $0.3094 dividend. The ex-dividend date was Wednesday, March 5th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 3.97%. Manulife Financial’s payout ratio is currently 58.45%.

Analyst Ratings Changes

A number of brokerages recently commented on MFC. Royal Bank of Canada raised their price target on Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Manulife Financial presently has a consensus rating of “Buy” and a consensus target price of $45.50.

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.