Fifth Third Bancorp Boosts Stake in Manulife Financial Co. (NYSE:MFC)

Fifth Third Bancorp increased its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 117,629 shares of the financial services provider’s stock after purchasing an additional 4,277 shares during the period. Fifth Third Bancorp’s holdings in Manulife Financial were worth $3,664,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Lee Danner & Bass Inc. purchased a new stake in shares of Manulife Financial in the 4th quarter valued at about $31,000. Lazard Asset Management LLC purchased a new stake in shares of Manulife Financial in the 4th quarter valued at about $35,000. Transce3nd LLC purchased a new stake in shares of Manulife Financial in the 4th quarter valued at about $42,000. Millstone Evans Group LLC purchased a new stake in shares of Manulife Financial in the 4th quarter valued at about $44,000. Finally, Addison Advisors LLC lifted its holdings in shares of Manulife Financial by 45.9% in the 4th quarter. Addison Advisors LLC now owns 1,428 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 449 shares during the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Stock Down 3.1%

MFC opened at $31.15 on Friday. The business has a 50 day moving average price of $30.73 and a two-hundred day moving average price of $30.53. The company has a market cap of $53.35 billion, a PE ratio of 15.05, a P/E/G ratio of 1.11 and a beta of 1.01. Manulife Financial Co. has a 52 week low of $23.30 and a 52 week high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). The business had revenue of $1.49 billion during the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. During the same period in the prior year, the company earned $0.94 earnings per share. As a group, sell-side analysts expect that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st will be issued a $0.3194 dividend. This is a boost from Manulife Financial’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend is Wednesday, May 21st. Manulife Financial’s dividend payout ratio (DPR) is currently 66.49%.

Analyst Ratings Changes

Several analysts have recently weighed in on MFC shares. Royal Bank of Canada boosted their target price on Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Morgan Stanley set a $46.00 price objective on Manulife Financial in a research note on Monday, May 19th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $45.67.

About Manulife Financial

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.