Russell Investments Group Ltd. Has $50.70 Million Stock Position in Manulife Financial Co. (NYSE:MFC)

Russell Investments Group Ltd. reduced its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 17.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,651,941 shares of the financial services provider’s stock after selling 347,915 shares during the quarter. Russell Investments Group Ltd.’s holdings in Manulife Financial were worth $50,697,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of MFC. Norges Bank bought a new position in Manulife Financial in the fourth quarter worth approximately $654,751,000. Geode Capital Management LLC lifted its position in Manulife Financial by 28.7% in the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider’s stock valued at $333,291,000 after acquiring an additional 2,377,338 shares in the last quarter. Hillsdale Investment Management Inc. lifted its position in Manulife Financial by 216.0% in the 4th quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider’s stock valued at $78,110,000 after acquiring an additional 1,739,853 shares in the last quarter. Mufg Securities Canada LTD. boosted its stake in Manulife Financial by 69.5% during the 4th quarter. Mufg Securities Canada LTD. now owns 2,675,176 shares of the financial services provider’s stock valued at $82,130,000 after purchasing an additional 1,096,933 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Manulife Financial by 1,067.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 686,418 shares of the financial services provider’s stock worth $21,080,000 after purchasing an additional 627,614 shares in the last quarter. 52.56% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MFC. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada boosted their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. One 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 company. Based on data from MarketBeat, Manulife Financial has a consensus rating of “Buy” and a consensus price target of $45.50.

Manulife Financial Price Performance

Manulife Financial stock opened at $27.79 on Monday. The firm has a market capitalization of $47.87 billion, a P/E ratio of 13.43, a PEG ratio of 1.11 and a beta of 0.89. Manulife Financial Co. has a one year low of $22.61 and a one year high of $33.07. The business has a fifty day moving average price of $30.16 and a 200-day moving average price of $30.53.

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 return on equity of 15.98% and a net margin of 10.08%. The business had revenue of $9.31 billion during the quarter. Sell-side 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 declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a $0.3094 dividend. This represents a $1.24 annualized dividend and a yield of 4.45%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date was Wednesday, March 5th. Manulife Financial’s dividend payout ratio (DPR) is presently 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.