APG Asset Management N.V. Purchases Shares of 972,000 Manulife Financial Co. (NYSE:MFC)

APG Asset Management N.V. purchased a new position 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 institutional investor purchased 972,000 shares of the financial services provider’s stock, valued at approximately $28,822,000.

Several other hedge funds have also made changes to their positions in the business. Crews Bank & Trust acquired a new position in Manulife Financial in the fourth quarter valued at $26,000. Lee Danner & Bass Inc. purchased a new stake in Manulife Financial in the 4th quarter valued at about $31,000. Stonebridge Financial Group LLC acquired a new position in shares of Manulife Financial during the 4th quarter valued at about $34,000. Golden State Wealth Management LLC purchased a new position in shares of Manulife Financial during the 4th quarter worth about $35,000. Finally, CKW Financial Group acquired a new stake in shares of Manulife Financial in the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Stock Performance

MFC opened at $26.88 on Wednesday. The company has a market cap of $46.30 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 1.11 and a beta of 0.89. Manulife Financial Co. has a 1 year low of $22.61 and a 1 year high of $33.07. The firm has a 50 day moving average price of $29.96 and a 200 day moving average price of $30.48.

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

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.3094 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date of this dividend was Wednesday, March 5th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s payout ratio is currently 58.45%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Royal Bank of Canada upped their price target 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 restated an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. One research 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $45.50.

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.