Intact Investment Management Inc. Has $51.77 Million Stock Position in Manulife Financial Co. (NYSE:MFC)

Intact Investment Management Inc. lifted its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 24.8% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,342,920 shares of the financial services provider’s stock after acquiring an additional 465,650 shares during the period. Manulife Financial comprises about 2.1% of Intact Investment Management Inc.’s holdings, making the stock its 11th biggest position. Intact Investment Management Inc.’s holdings in Manulife Financial were worth $51,774,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in shares of Manulife Financial during the 3rd quarter worth $27,000. Anchor Investment Management LLC acquired a new position in shares of Manulife Financial during the 4th quarter worth $27,000. Trust Co. of Vermont raised its holdings in shares of 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 worth $28,000 after buying an additional 1,268 shares in the last quarter. Arlington Trust Co LLC acquired a new position in shares of Manulife Financial during the 3rd quarter worth $29,000. Finally, NBC Securities Inc. acquired a new position in Manulife Financial in the 3rd quarter worth about $32,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

MFC has been the subject of a number of recent research reports. BMO Capital Markets raised 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 report on Thursday, February 15th. Jefferies Financial Group initiated coverage on Manulife Financial in a report on Thursday, February 22nd. They issued a “buy” rating for the company. Finally, Desjardins raised Manulife Financial from a “hold” rating to a “buy” rating in a report on Thursday, February 15th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $33.33.

Manulife Financial Stock Up 0.4 %

Shares of NYSE MFC traded up $0.10 during trading on Friday, reaching $23.47. The company had a trading volume of 1,552,896 shares, compared to its average volume of 2,294,516. The company’s fifty day moving average price is $24.00 and its 200-day moving average price is $21.62. Manulife Financial Co. has a 12 month low of $17.07 and a 12 month high of $25.14. The stock has a market cap of $42.27 billion, a P/E ratio of 12.16, a PEG ratio of 0.86 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 EPS for the quarter, beating the consensus estimate of $0.63 by $0.05. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%. The company had revenue of $10.96 billion for the quarter, compared to analyst estimates of $7.57 billion. As a group, equities analysts predict that Manulife Financial Co. will post 2.71 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Wednesday, February 28th were given a dividend of $0.298 per share. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, February 27th. This represents a $1.19 annualized dividend and a dividend yield of 5.08%. Manulife Financial’s dividend payout ratio is presently 61.66%.

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.