CIBC Private Wealth Group LLC Boosts Stock Position in Manulife Financial Co. (NYSE:MFC)

CIBC Private Wealth Group LLC grew its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 83.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,595 shares of the financial services provider’s stock after purchasing an additional 8,922 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Manulife Financial were worth $601,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Crews Bank & Trust bought a new position in Manulife Financial during the fourth quarter valued at approximately $26,000. Lee Danner & Bass Inc. bought a new position in shares of Manulife Financial during the 4th quarter valued at $31,000. Stonebridge Financial Group LLC bought a new stake in Manulife Financial in the fourth quarter worth $34,000. Golden State Wealth Management LLC purchased a new stake in Manulife Financial during the fourth quarter valued at about $35,000. Finally, CKW Financial Group bought a new position in shares of Manulife Financial during the fourth quarter valued at about $37,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Trading Down 9.3 %

Manulife Financial stock opened at $27.79 on Friday. The firm has a market cap of $47.87 billion, a P/E ratio of 13.43, a P/E/G ratio of 1.11 and a beta of 0.89. Manulife Financial Co. has a 1-year low of $22.61 and a 1-year high of $33.07. The firm has a 50-day moving average of $30.16 and a 200-day moving average of $30.50.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data 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 return on equity of 15.98% and a net margin of 10.08%. The business 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 fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a dividend of $0.3094 per share. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 4.45%. The ex-dividend date of this dividend was Wednesday, March 5th. Manulife Financial’s payout ratio is presently 58.45%.

Analyst Ratings Changes

MFC has been the subject of a number of recent research reports. Royal Bank of Canada boosted their target price on Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Scotiabank reiterated 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 assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Manulife Financial currently 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.