Raymond James Financial Inc. Buys Shares of 527,949 Manulife Financial Co. (NYSE:MFC)

Raymond James Financial Inc. bought a new stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 527,949 shares of the financial services provider’s stock, valued at approximately $16,213,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Crews Bank & Trust bought a new stake in Manulife Financial during the 4th quarter valued at $26,000. Brooklyn Investment Group bought a new stake in Manulife Financial during the 3rd quarter valued at $26,000. Stonebridge Financial Group LLC purchased a new position in shares of Manulife Financial during the 4th quarter valued at $34,000. Golden State Wealth Management LLC purchased a new position in shares of Manulife Financial during the 4th quarter valued at $35,000. Finally, CKW Financial Group purchased a new position in shares of Manulife Financial during the 4th quarter valued at $37,000. Institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

MFC has been the subject of a number of recent analyst reports. Royal Bank of Canada boosted their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $45.50.

Manulife Financial Stock Performance

Shares of NYSE:MFC opened at $30.14 on Tuesday. Manulife Financial Co. has a 52-week low of $22.61 and a 52-week high of $33.07. The firm has a fifty day moving average of $30.06 and a 200 day moving average of $30.23. The firm has a market capitalization of $51.91 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 1.11 and a beta of 1.05.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its 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. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The company had revenue of $9.31 billion during the quarter. On average, sell-side analysts forecast that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a $0.3094 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 4.11%. Manulife Financial’s payout ratio is 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.