Ilmarinen Mutual Pension Insurance Co Has $11.20 Million Stock Position in Manulife Financial Co. (NYSE:MFC)

Ilmarinen Mutual Pension Insurance Co lifted its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 37.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 365,000 shares of the financial services provider’s stock after purchasing an additional 100,000 shares during the quarter. Ilmarinen Mutual Pension Insurance Co’s holdings in Manulife Financial were worth $11,202,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Hurley Capital LLC acquired a new stake in shares of Manulife Financial during the 4th quarter valued at about $95,000. Thoroughbred Financial Services LLC acquired a new stake in Manulife Financial during the fourth quarter valued at approximately $448,000. World Investment Advisors grew its stake in shares of Manulife Financial by 23.3% in the 4th quarter. World Investment Advisors now owns 15,223 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 2,872 shares during the period. Huntington National Bank raised its holdings in shares of Manulife Financial by 8.9% in the 4th quarter. Huntington National Bank now owns 26,021 shares of the financial services provider’s stock worth $799,000 after buying an additional 2,117 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Manulife Financial by 28.7% during the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider’s stock worth $333,291,000 after buying an additional 2,377,338 shares during the period. 52.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on MFC shares. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. Royal Bank of Canada increased their target price 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. One equities 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $45.50.

Manulife Financial Stock Performance

Shares of MFC stock opened at $27.79 on Friday. The stock’s fifty day moving average is $30.16 and its 200-day moving average is $30.52. Manulife Financial Co. has a 52 week low of $22.61 and a 52 week high of $33.07. The stock has a market capitalization of $47.87 billion, a PE ratio of 13.43, a PEG ratio of 1.11 and a beta of 0.89.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The firm had revenue of $9.31 billion for the quarter. As a group, analysts forecast that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a $0.3094 dividend. This represents a $1.24 annualized dividend and a yield of 4.45%. 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 58.45%.

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.