Jupiter Asset Management Ltd. Invests $6.40 Million in Manulife Financial Co. (NYSE:MFC)

Jupiter Asset Management Ltd. purchased a new position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 208,324 shares of the financial services provider’s stock, valued at approximately $6,397,000.

Other large investors also recently modified their holdings of the company. Baron Wealth Management LLC grew its position in shares of Manulife Financial by 2.3% during the 3rd quarter. Baron Wealth Management LLC now owns 14,400 shares of the financial services provider’s stock valued at $426,000 after purchasing an additional 330 shares in the last quarter. Little House Capital LLC grew its position in shares of Manulife Financial by 1.0% during the 4th quarter. Little House Capital LLC now owns 33,767 shares of the financial services provider’s stock valued at $1,037,000 after purchasing an additional 331 shares in the last quarter. Robertson Stephens Wealth Management LLC grew its position in shares of Manulife Financial by 1.5% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 23,068 shares of the financial services provider’s stock valued at $708,000 after purchasing an additional 339 shares in the last quarter. Addison Advisors LLC grew its position in shares of Manulife Financial by 45.9% during the 4th quarter. Addison Advisors LLC now owns 1,428 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 449 shares in the last quarter. Finally, M&T Bank Corp grew its position in shares of Manulife Financial by 1.2% during the 4th quarter. M&T Bank Corp now owns 40,894 shares of the financial services provider’s stock valued at $1,256,000 after purchasing an additional 489 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. Royal Bank of Canada lifted their price objective 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 research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $45.50.

Manulife Financial Stock Performance

NYSE MFC opened at $28.41 on Friday. Manulife Financial Co. has a 52-week low of $22.61 and a 52-week high of $33.07. The company has a market capitalization of $48.93 billion, a P/E ratio of 13.72, a P/E/G ratio of 1.11 and a beta of 1.05. The company has a fifty day moving average of $30.10 and a 200-day moving average of $30.16.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.07. The business had revenue of $9.31 billion during the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. As a group, analysts forecast that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be paid a $0.3094 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 4.36%. Manulife Financial’s payout ratio is currently 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.