Creative Planning raised its holdings in shares of Manulife Financial Co. (NYSE:MFC – Free Report) (TSE:MFC) by 41.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 133,452 shares of the financial services provider’s stock after buying an additional 38,836 shares during the period. Creative Planning’s holdings in Manulife Financial were worth $2,524,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MFC. Norges Bank purchased a new stake in Manulife Financial during the fourth quarter valued at approximately $406,195,000. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Manulife Financial by 992.6% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,430,000 shares of the financial services provider’s stock worth $136,330,000 after purchasing an additional 6,750,000 shares during the period. CIBC Asset Management Inc boosted its position in shares of Manulife Financial by 30.8% during the first quarter. CIBC Asset Management Inc now owns 18,840,305 shares of the financial services provider’s stock worth $345,383,000 after acquiring an additional 4,436,064 shares during the last quarter. Public Sector Pension Investment Board boosted its position in shares of Manulife Financial by 569.3% during the first quarter. Public Sector Pension Investment Board now owns 3,254,740 shares of the financial services provider’s stock worth $59,643,000 after acquiring an additional 2,768,434 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in Manulife Financial during the first quarter valued at $52,082,000. 45.02% of the stock is owned by hedge funds and other institutional investors.
Manulife Financial Trading Up 1.3 %
NYSE:MFC opened at $18.50 on Wednesday. The company’s 50 day moving average is $18.64 and its two-hundred day moving average is $18.91. The company has a market cap of $33.63 billion, a PE ratio of 8.69, a P/E/G ratio of 0.75 and a beta of 1.10. Manulife Financial Co. has a twelve month low of $14.92 and a twelve month high of $20.40.
Manulife Financial Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 19th. Investors of record on Wednesday, August 23rd were issued a $0.276 dividend. The ex-dividend date was Tuesday, August 22nd. This represents a $1.10 dividend on an annualized basis and a dividend yield of 5.97%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.27. Manulife Financial’s dividend payout ratio is currently 52.11%.
Analyst Upgrades and Downgrades
Several research firms recently commented on MFC. StockNews.com assumed coverage on shares of Manulife Financial in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Barclays boosted their price target on shares of Manulife Financial from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Friday, August 11th.
Read Our Latest Analysis on Manulife Financial
About Manulife Financial
Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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.
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