Brown Brothers Harriman & Co. Acquires 12,654 Shares of Manulife Financial Co. (NYSE:MFC)

Brown Brothers Harriman & Co. boosted its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 180.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,661 shares of the financial services provider’s stock after purchasing an additional 12,654 shares during the period. Brown Brothers Harriman & Co.’s holdings in Manulife Financial were worth $581,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MFC. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of 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 valued at $30,922,000 after acquiring an additional 1,072,474 shares during the last quarter. Legal & General Group Plc lifted its position in Manulife Financial by 0.5% in the second quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider’s stock valued at $393,592,000 after purchasing an additional 75,244 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of Manulife Financial by 3.2% during the second quarter. Toronto Dominion Bank now owns 24,057,503 shares of the financial services provider’s stock valued at $640,411,000 after purchasing an additional 750,422 shares during the period. Sumitomo Life Insurance Co. bought a new position in shares of Manulife Financial in the second quarter worth approximately $794,000. Finally, International Assets Investment Management LLC bought a new position in shares of Manulife Financial in the third quarter worth approximately $956,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Stock Down 0.4 %

NYSE:MFC opened at $31.84 on Wednesday. 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 $55.78 billion, a P/E ratio of 15.38, a price-to-earnings-growth ratio of 1.18 and a beta of 1.08. The firm’s fifty day simple moving average is $30.53 and its 200 day simple moving average is $27.81.

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 (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.30. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. The company had revenue of $10.69 billion for the quarter, compared to analysts’ expectations of $9.73 billion. During the same quarter in the previous year, the company earned $0.69 earnings per share. On average, analysts expect that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be given a $0.296 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.18 annualized dividend and a dividend yield of 3.72%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. Manulife Financial’s dividend payout ratio is currently 57.00%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MFC shares. Barclays began coverage on shares of Manulife Financial in a research report on Thursday, September 5th. They set an “equal weight” rating for the company. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $37.50.

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.