Korea Investment CORP Increases Stock Position in Manulife Financial Corp $MFC

Korea Investment CORP boosted its position in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 1.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,656,131 shares of the financial services provider’s stock after purchasing an additional 18,336 shares during the period. Korea Investment CORP’s holdings in Manulife Financial were worth $51,610,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Root Financial Partners LLC acquired a new position in Manulife Financial in the 3rd quarter worth $25,000. Caldwell Trust Co acquired a new stake in shares of Manulife Financial during the second quarter valued at about $27,000. American Wealth Advisors LLC acquired a new stake in shares of Manulife Financial during the third quarter valued at about $36,000. Winnow Wealth LLC purchased a new stake in shares of Manulife Financial during the second quarter worth about $38,000. Finally, Goodman Advisory Group LLC purchased a new stake in Manulife Financial during the 2nd quarter worth approximately $39,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Wall Street Analyst Weigh In

MFC has been the subject of a number of recent analyst reports. BMO Capital Markets reissued an “outperform” rating on shares of Manulife Financial in a research report on Friday, November 14th. Morgan Stanley set a $51.00 price objective on shares of Manulife Financial in a report on Monday, December 15th. Royal Bank Of Canada restated an “outperform” rating on shares of Manulife Financial in a research note on Friday, February 13th. Canadian Imperial Bank of Commerce raised shares of Manulife Financial from a “neutral” rating to an “outperform” rating in a research report on Thursday, January 8th. Finally, Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research note on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $51.50.

Manulife Financial Stock Performance

Shares of MFC stock opened at $33.65 on Monday. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $38.72. The stock has a fifty day moving average of $36.75 and a two-hundred day moving average of $34.29. The firm has a market capitalization of $56.42 billion, a PE ratio of 15.16 and a beta of 0.83.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.76 by $0.04. Manulife Financial had a net margin of 9.18% and a return on equity of 16.43%. The firm had revenue of $11.32 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same quarter last year, the company earned $1.03 EPS. Equities research analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Wednesday, February 25th will be paid a dividend of $0.485 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.44. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date is Wednesday, February 25th. Manulife Financial’s dividend payout ratio (DPR) is 63.96%.

About Manulife Financial

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.