Signet Financial Management LLC Purchases New Holdings in Manulife Financial Co. (NYSE:MFC)

Signet Financial Management LLC purchased a new stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,910 shares of the financial services provider’s stock, valued at approximately $672,000.

A number of other hedge funds also recently made changes to their positions in the business. Bruce G. Allen Investments LLC lifted its holdings in Manulife Financial by 73.6% during the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 490 shares during the last quarter. Anchor Investment Management LLC acquired a new stake in Manulife Financial during the 4th quarter worth approximately $27,000. Fortis Group Advisors LLC lifted its holdings in Manulife Financial by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 605 shares during the last quarter. Creekmur Asset Management LLC acquired a new stake in Manulife Financial during the 4th quarter worth approximately $30,000. Finally, Goodman Advisory Group LLC acquired a new stake in Manulife Financial during the 4th quarter worth approximately $32,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, National Bank Financial upgraded Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Manulife Financial has an average rating of “Moderate Buy” and an average target price of $33.33.

Manulife Financial Stock Performance

Shares of MFC opened at $26.51 on Friday. Manulife Financial Co. has a 52-week low of $17.07 and a 52-week high of $26.81. The business’s fifty day moving average is $25.27 and its 200-day moving average is $23.73. The firm has a market cap of $47.44 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 0.95 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.04. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. The company had revenue of $9.49 billion for the quarter, compared to analyst estimates of $8.85 billion. As a group, research analysts forecast that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd were given a dividend of $0.29 per share. The ex-dividend date was Tuesday, May 21st. This represents a $1.16 dividend on an annualized basis and a yield of 4.38%. Manulife Financial’s dividend payout ratio is currently 67.44%.

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.