Manulife Financial (NYSE:MFC) Shares Up 7.8% on Better-Than-Expected Earnings

Manulife Financial Co. (NYSE:MFC) (TSE:MFC) shot up 7.8% during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $32.05 and last traded at $32.10. 687,765 shares were traded during mid-day trading, a decline of 64% from the average session volume of 1,933,674 shares. The stock had previously closed at $29.78.

The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.07. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. The business had revenue of $9.31 billion during the quarter.

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 given a $0.3094 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 3.89%. Manulife Financial’s payout ratio is presently 59.42%.

Hedge Funds Weigh In On Manulife Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Mackenzie Financial Corp raised its position in shares of Manulife Financial by 0.9% in the 4th quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider’s stock valued at $755,367,000 after buying an additional 230,105 shares in the last quarter. Invst LLC raised its position in shares of Manulife Financial by 12.2% in the 4th quarter. Invst LLC now owns 22,352 shares of the financial services provider’s stock valued at $686,000 after buying an additional 2,423 shares in the last quarter. WCG Wealth Advisors LLC raised its position in shares of Manulife Financial by 4.5% in the 4th quarter. WCG Wealth Advisors LLC now owns 30,903 shares of the financial services provider’s stock valued at $949,000 after buying an additional 1,332 shares in the last quarter. Pacific Point Advisors LLC acquired a new position in shares of Manulife Financial in the 4th quarter valued at approximately $335,000. Finally, Vise Technologies Inc. raised its position in shares of Manulife Financial by 33.9% in the 4th quarter. Vise Technologies Inc. now owns 59,714 shares of the financial services provider’s stock valued at $1,834,000 after buying an additional 15,105 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Trading Up 6.9 %

The firm’s 50-day moving average price is $30.33 and its 200 day moving average price is $29.71. The company has a market capitalization of $54.84 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 1.04 and a beta of 1.09.

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.