Fiduciary Wealth Partners LLC Acquires New Holdings in Manulife Financial Corp (NYSE:MFC)

Fiduciary Wealth Partners LLC bought a new position in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 9,828 shares of the financial services provider’s stock, valued at approximately $306,000. Manulife Financial makes up approximately 0.3% of Fiduciary Wealth Partners LLC’s investment portfolio, making the stock its 23rd biggest position.

Several other hedge funds have also modified their holdings of the company. Prudential Financial Inc. raised its stake in shares of Manulife Financial by 60.4% during the 4th quarter. Prudential Financial Inc. now owns 36,200 shares of the financial services provider’s stock worth $1,112,000 after acquiring an additional 13,638 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Manulife Financial by 28.7% in the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider’s stock valued at $333,291,000 after purchasing an additional 2,377,338 shares during the last quarter. Rossby Financial LCC purchased a new position in shares of Manulife Financial in the 1st quarter valued at approximately $243,000. Mackenzie Financial Corp boosted its stake in Manulife Financial by 0.9% in the 4th quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider’s stock worth $755,367,000 after purchasing an additional 230,105 shares in the last quarter. Finally, Affinity Wealth Management LLC purchased a new stake in Manulife Financial during the 1st quarter worth approximately $3,934,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley set a $46.00 price target on shares of Manulife Financial in a report on Monday, May 19th.

Manulife Financial Stock Performance

Manulife Financial stock opened at $30.46 on Friday. The business’s 50-day simple moving average is $31.30 and its two-hundred day simple moving average is $30.55. The company has a market cap of $51.89 billion, a PE ratio of 15.95, a PEG ratio of 1.04 and a beta of 1.01. Manulife Financial Corp has a fifty-two week low of $23.30 and a fifty-two week high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). Manulife Financial had a net margin of 9.58% and a return on equity of 15.84%. The firm had revenue of $1.49 billion during the quarter. During the same quarter in the prior year, the company posted $0.94 EPS. As a group, analysts predict that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 19th. Investors of record on Wednesday, May 21st were issued a dividend of $0.3194 per share. This represents a $1.28 annualized dividend and a dividend yield of 4.2%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Wednesday, May 21st. Manulife Financial’s dividend payout ratio is 67.02%.

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.