Pacifica Partners Inc. Increases Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Pacifica Partners Inc. lifted its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 109.4% during the first quarter, HoldingsChannel reports. The institutional investor owned 7,762 shares of the financial services provider’s stock after acquiring an additional 4,055 shares during the period. Pacifica Partners Inc.’s holdings in Manulife Financial were worth $238,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MFC. Royal Bank of Canada raised their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Morgan Stanley set a $46.00 target price on shares of Manulife Financial in a research report on Monday, May 19th. Finally, Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $45.67.

Manulife Financial Price Performance

NYSE:MFC opened at $31.84 on Friday. The firm has a market cap of $54.53 billion, a price-to-earnings ratio of 15.38, a price-to-earnings-growth ratio of 1.11 and a beta of 1.00. Manulife Financial Co. has a 1-year low of $23.30 and a 1-year high of $33.07. The firm’s fifty day moving average price is $30.35 and its 200 day moving average price is $30.57.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.01). The firm had revenue of $1.49 billion during the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. During the same quarter last year, the firm posted $0.94 earnings per share. As a group, analysts expect that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st will be issued a $0.3194 dividend. This is an increase from Manulife Financial’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, May 21st. This represents a $1.28 annualized dividend and a dividend yield of 4.01%. Manulife Financial’s payout ratio is presently 63.87%.

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.