Stonebridge Capital Management Inc. Buys New Position in Manulife Financial Co. (NYSE:MFC)

Stonebridge Capital Management Inc. bought a new stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) in the first quarter, HoldingsChannel reports. The fund bought 8,000 shares of the financial services provider’s stock, valued at approximately $200,000.

Other large investors have also recently made changes to their positions in the company. Anchor Investment Management LLC acquired a new stake in shares of Manulife Financial in the 4th quarter valued at about $27,000. Fortis Group Advisors LLC raised its stake in Manulife Financial by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 605 shares during the last quarter. Trust Co. of Vermont raised its stake in Manulife Financial by 478.5% during the 3rd quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 1,268 shares during the last quarter. Bruce G. Allen Investments LLC raised its stake in Manulife Financial by 73.6% during the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 490 shares during the last quarter. Finally, Creekmur Asset Management LLC purchased a new stake in Manulife Financial during the 4th quarter valued at approximately $30,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $33.33.

Manulife Financial Stock Up 0.8 %

Shares of MFC traded up $0.22 on Thursday, reaching $26.11. The stock had a trading volume of 374,642 shares, compared to its average volume of 3,040,191. The firm has a market capitalization of $46.73 billion, a PE ratio of 15.17, a PEG ratio of 0.97 and a beta of 1.09. The firm has a 50-day moving average of $25.21 and a 200 day moving average of $23.71. Manulife Financial Co. has a twelve month low of $17.07 and a twelve month high of $26.81.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. The business had revenue of $9.49 billion for the quarter, compared to analysts’ expectations of $8.85 billion. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. On average, sell-side analysts anticipate that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date of this dividend was Tuesday, May 21st. Manulife Financial’s dividend payout ratio (DPR) is presently 67.44%.

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.