Dimensional Fund Advisors LP Buys 1,057,804 Shares of Manulife Financial Co. (NYSE:MFC)

Dimensional Fund Advisors LP increased its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 17.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,122,226 shares of the financial services provider’s stock after purchasing an additional 1,057,804 shares during the period. Dimensional Fund Advisors LP owned approximately 0.39% of Manulife Financial worth $134,674,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Fiera Capital Corp increased its position in shares of Manulife Financial by 5.4% in the second quarter. Fiera Capital Corp now owns 40,845 shares of the financial services provider’s stock worth $773,000 after purchasing an additional 2,104 shares during the period. Sequoia Financial Advisors LLC increased its position in shares of Manulife Financial by 62.3% in the second quarter. Sequoia Financial Advisors LLC now owns 39,292 shares of the financial services provider’s stock worth $743,000 after purchasing an additional 15,084 shares during the period. Commerce Bank increased its position in shares of Manulife Financial by 7.9% in the second quarter. Commerce Bank now owns 11,525 shares of the financial services provider’s stock worth $218,000 after purchasing an additional 843 shares during the period. Foster & Motley Inc. increased its position in shares of Manulife Financial by 33.8% in the second quarter. Foster & Motley Inc. now owns 210,745 shares of the financial services provider’s stock worth $3,985,000 after purchasing an additional 53,258 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Manulife Financial by 0.8% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,114,786 shares of the financial services provider’s stock worth $21,075,000 after purchasing an additional 9,375 shares during the period. Institutional investors own 45.02% of the company’s stock.

Manulife Financial Stock Performance

Shares of MFC opened at $19.31 on Tuesday. Manulife Financial Co. has a 52-week low of $17.07 and a 52-week high of $20.40. The business’s 50 day moving average price is $18.39 and its two-hundred day moving average price is $18.76. The firm has a market cap of $35.00 billion, a PE ratio of 9.66, a price-to-earnings-growth ratio of 0.77 and a beta of 1.08.

Manulife Financial Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Wednesday, November 22nd will be paid a $0.263 dividend. This represents a $1.05 annualized dividend and a yield of 5.45%. The ex-dividend date is Tuesday, November 21st. Manulife Financial’s dividend payout ratio (DPR) is presently 52.50%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MFC. Barclays lifted their target price on Manulife Financial from $31.00 to $33.00 and gave the company an “overweight” rating in a research report on Friday, August 11th. TheStreet cut Manulife Financial from a “b” rating to a “c+” rating in a research report on Thursday. Royal Bank of Canada lifted their target price on Manulife Financial from $30.00 to $32.00 and gave the company a “sector perform” rating in a research report on Friday, November 10th. Finally, StockNews.com began coverage on Manulife Financial in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Manulife Financial has an average rating of “Hold” and an average target price of $30.43.

Manulife Financial Profile

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.