Hillsdale Investment Management Inc. Increases Holdings in Manulife Financial Co. (NYSE:MFC)

Hillsdale Investment Management Inc. raised its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 216.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 2,545,393 shares of the financial services provider’s stock after acquiring an additional 1,739,853 shares during the quarter. Manulife Financial accounts for about 3.9% of Hillsdale Investment Management Inc.’s holdings, making the stock its 2nd largest position. Hillsdale Investment Management Inc.’s holdings in Manulife Financial were worth $78,110,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Brooklyn Investment Group bought a new stake in Manulife Financial in the third quarter valued at $26,000. Crews Bank & Trust bought a new stake in Manulife Financial in the fourth quarter valued at $26,000. Lee Danner & Bass Inc. bought a new stake in Manulife Financial in the fourth quarter valued at $31,000. Stonebridge Financial Group LLC bought a new stake in shares of Manulife Financial during the fourth quarter worth $34,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Manulife Financial during the fourth quarter worth $35,000. 52.56% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MFC. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada increased their target price on Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. One equities research 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 stock. According to MarketBeat, Manulife Financial has an average rating of “Buy” and an average price target of $45.50.

Manulife Financial Stock Down 0.3 %

Manulife Financial stock opened at $30.45 on Friday. The business’s 50-day simple moving average is $30.05 and its 200 day simple moving average is $30.27. The stock has a market cap of $52.45 billion, a price-to-earnings ratio of 14.71, a P/E/G 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.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.07. The business had revenue of $9.31 billion for the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. As a group, sell-side analysts expect that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a $0.3094 dividend. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.24 annualized dividend and a yield of 4.06%. Manulife Financial’s dividend payout ratio (DPR) is currently 58.45%.

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.