Manulife Financial Co. (NYSE:MFC) Shares Purchased by Assetmark Inc.

Assetmark Inc. boosted its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 565,512 shares of the financial services provider’s stock after purchasing an additional 6,947 shares during the quarter. Assetmark Inc.’s holdings in Manulife Financial were worth $12,498,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Manulife Financial during the 4th quarter worth $473,568,000. Public Sector Pension Investment Board boosted its stake in Manulife Financial by 694.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 3,984,024 shares of the financial services provider’s stock worth $73,139,000 after purchasing an additional 3,482,367 shares during the last quarter. Clearbridge Investments LLC purchased a new position in shares of Manulife Financial during the 4th quarter worth $46,628,000. AGF Management Ltd. raised its holdings in shares of Manulife Financial by 2,351.8% during the 4th quarter. AGF Management Ltd. now owns 1,529,661 shares of the financial services provider’s stock worth $33,806,000 after acquiring an additional 1,467,271 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its holdings in shares of Manulife Financial by 45.7% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,932,971 shares of the financial services provider’s stock worth $72,085,000 after acquiring an additional 1,233,358 shares during the period. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MFC. Desjardins upgraded Manulife Financial from a “hold” rating to a “buy” rating in a report on Thursday, February 15th. Jefferies Financial Group began coverage on Manulife Financial in a report on Thursday, February 22nd. They set a “buy” rating on the stock. BMO Capital Markets upgraded Manulife Financial from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $31.00 to $35.00 in a report on Thursday, February 15th. Finally, National Bank Financial upgraded shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $33.33.

Manulife Financial Stock Up 0.0 %

NYSE:MFC traded up $0.01 on Wednesday, reaching $26.38. 519,080 shares of the company’s stock were exchanged, compared to its average volume of 3,262,575. The firm has a market capitalization of $47.37 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 0.97 and a beta of 1.08. The business has a fifty day moving average of $24.36 and a 200-day moving average of $22.53. Manulife Financial Co. has a 52-week low of $17.07 and a 52-week high of $26.81.

Manulife Financial Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd will be paid a dividend of $0.29 per share. The ex-dividend date is Tuesday, May 21st. This represents a $1.16 dividend on an annualized basis and a yield of 4.40%. Manulife Financial’s dividend payout ratio (DPR) is presently 69.19%.

About Manulife Financial

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.