HighPoint Advisor Group LLC Purchases New Holdings in Manulife Financial Co. (NYSE:MFC)

HighPoint Advisor Group LLC acquired a new position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 9,099 shares of the financial services provider’s stock, valued at approximately $221,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Napatree Capital LLC bought a new position in shares of Manulife Financial during the 4th quarter valued at approximately $232,000. PNC Financial Services Group Inc. grew its holdings in Manulife Financial by 9.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 94,391 shares of the financial services provider’s stock valued at $2,086,000 after purchasing an additional 8,123 shares during the period. B. Riley Wealth Advisors Inc. increased its position in Manulife Financial by 17.3% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 12,555 shares of the financial services provider’s stock worth $277,000 after buying an additional 1,855 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Manulife Financial by 4.0% in the fourth quarter. Wellington Management Group LLP now owns 424,195 shares of the financial services provider’s stock valued at $9,419,000 after buying an additional 16,457 shares during the period. Finally, Tucker Asset Management LLC purchased a new position in shares of Manulife Financial during the 4th quarter valued at $73,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Wall Street Analyst Weigh In

Separately, National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.33.

Manulife Financial Stock Performance

NYSE:MFC opened at $25.69 on Friday. The business’s fifty day moving average is $25.07 and its 200 day moving average is $23.59. The firm has a market cap of $45.98 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 0.94 and a beta of 1.09. Manulife Financial Co. has a 52-week low of $17.07 and a 52-week high of $26.81.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.04. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. The firm had revenue of $9.49 billion for the quarter, compared to analysts’ expectations of $8.85 billion. Equities analysts predict that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.52%. The ex-dividend date was Tuesday, May 21st. Manulife Financial’s payout ratio is 67.44%.

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.