Spinnaker Trust Raises Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Spinnaker Trust raised its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 127,835 shares of the financial services provider’s stock after buying an additional 2,034 shares during the quarter. Spinnaker Trust’s holdings in Manulife Financial were worth $2,825,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of MFC. Stonehage Fleming Financial Services Holdings Ltd purchased a new position in Manulife Financial during the 3rd quarter valued at about $27,000. Anchor Investment Management LLC purchased a new position in shares of Manulife Financial during the fourth quarter valued at approximately $27,000. Trust Co. of Vermont boosted its position in shares of Manulife Financial by 478.5% in the 3rd quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 1,268 shares in the last quarter. Arlington Trust Co LLC purchased a new stake in shares of Manulife Financial in the 3rd quarter worth approximately $29,000. Finally, NBC Securities Inc. purchased a new stake in shares of Manulife Financial in the 3rd quarter worth approximately $32,000. Institutional investors own 52.56% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Desjardins upgraded Manulife Financial from a “hold” rating to a “buy” rating in a research note on Thursday, February 15th. Jefferies Financial Group started coverage on shares of Manulife Financial in a research note on Thursday, February 22nd. They set a “buy” rating for the company. Finally, BMO Capital Markets upgraded shares of Manulife Financial from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $31.00 to $35.00 in a research note on Thursday, February 15th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $33.33.

Manulife Financial Stock Performance

Shares of MFC stock traded up $0.09 during trading hours on Friday, reaching $23.47. The company had a trading volume of 1,552,889 shares, compared to its average volume of 3,192,240. The business has a fifty day moving average price of $24.00 and a 200-day moving average price of $21.62. Manulife Financial Co. has a one year low of $17.07 and a one year high of $25.14. The firm has a market cap of $42.26 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 0.87 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.05. The business had revenue of $10.96 billion during the quarter, compared to analyst estimates of $7.57 billion. Manulife Financial had a net margin of 10.42% and a return on equity of 15.98%. Equities research analysts forecast that Manulife Financial Co. will post 2.71 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Wednesday, February 28th were issued a $0.298 dividend. This is an increase from Manulife Financial’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, February 27th. This represents a $1.19 dividend on an annualized basis and a yield of 5.08%. Manulife Financial’s dividend payout ratio is currently 61.66%.

Manulife Financial 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.