Healthcare of Ontario Pension Plan Trust Fund Makes New $17.41 Million Investment in Manulife Financial Co. (NYSE:MFC)

Healthcare of Ontario Pension Plan Trust Fund bought a new position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 589,200 shares of the financial services provider’s stock, valued at approximately $17,412,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Manulife Financial by 1,210.7% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,161,059 shares of the financial services provider’s stock worth $30,922,000 after acquiring an additional 1,072,474 shares during the period. Legal & General Group Plc grew its stake in shares of Manulife Financial by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider’s stock valued at $393,592,000 after buying an additional 75,244 shares during the period. Toronto Dominion Bank grew its stake in shares of Manulife Financial by 3.2% during the 2nd quarter. Toronto Dominion Bank now owns 24,057,503 shares of the financial services provider’s stock valued at $640,411,000 after buying an additional 750,422 shares during the period. Sumitomo Life Insurance Co. purchased a new stake in shares of Manulife Financial during the 2nd quarter valued at $794,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Manulife Financial during the 3rd quarter valued at $956,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Trading Up 0.1 %

Shares of Manulife Financial stock opened at $31.89 on Friday. The company has a fifty day moving average price of $30.66 and a 200 day moving average price of $27.86. Manulife Financial Co. has a twelve month low of $19.20 and a twelve month high of $33.07. The stock has a market cap of $55.87 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.30. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. The firm had revenue of $10.69 billion during the quarter, compared to analysts’ expectations of $9.73 billion. During the same period in the prior year, the company earned $0.69 EPS. Analysts forecast that Manulife Financial Co. will post 2.72 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be issued a $0.296 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.18 dividend on an annualized basis and a yield of 3.71%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. Manulife Financial’s payout ratio is currently 57.00%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Barclays assumed coverage on shares of Manulife Financial in a research note on Thursday, September 5th. They set an “equal weight” rating for the company. Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Manulife Financial presently has an average rating of “Buy” and an average target price of $37.50.

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.