Principal Financial Group Inc. Acquires 7,600 Shares of Manulife Financial Co. (NYSE:MFC)

Principal Financial Group Inc. raised its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 11.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,100 shares of the financial services provider’s stock after purchasing an additional 7,600 shares during the quarter. Principal Financial Group Inc.’s holdings in Manulife Financial were worth $2,245,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. J.W. Cole Advisors Inc. grew its holdings in Manulife Financial by 12.1% in the 4th quarter. J.W. Cole Advisors Inc. now owns 14,939 shares of the financial services provider’s stock valued at $459,000 after buying an additional 1,607 shares in the last quarter. Principal Securities Inc. grew its stake in shares of Manulife Financial by 6.5% in the fourth quarter. Principal Securities Inc. now owns 16,206 shares of the financial services provider’s stock valued at $498,000 after acquiring an additional 985 shares in the last quarter. Little House Capital LLC grew its stake in shares of Manulife Financial by 1.0% in the fourth quarter. Little House Capital LLC now owns 33,767 shares of the financial services provider’s stock valued at $1,037,000 after acquiring an additional 331 shares in the last quarter. Center for Financial Planning Inc. increased its position in Manulife Financial by 26.4% during the fourth quarter. Center for Financial Planning Inc. now owns 2,622 shares of the financial services provider’s stock worth $81,000 after acquiring an additional 548 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in Manulife Financial by 21.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 420,650 shares of the financial services provider’s stock worth $12,838,000 after purchasing an additional 74,817 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Price Performance

Shares of Manulife Financial stock opened at $30.01 on Thursday. The firm has a market cap of $51.71 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.11 and a beta of 1.05. The stock’s 50-day moving average is $30.31 and its 200 day moving average is $30.08. Manulife Financial Co. has a one year low of $22.61 and a one year high of $33.07.

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

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be paid a $0.3094 dividend. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 4.12%. Manulife Financial’s dividend payout ratio is presently 58.45%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MFC. Royal Bank of Canada upped their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $45.50.

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.