Assetmark Inc. Acquires 6,947 Shares of Manulife Financial Co. (NYSE:MFC)

Assetmark Inc. grew its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 565,512 shares of the financial services provider’s stock after purchasing an additional 6,947 shares during the period. Assetmark Inc.’s holdings in Manulife Financial were worth $12,498,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Manulife Financial by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 71,526,674 shares of the financial services provider’s stock worth $1,307,508,000 after acquiring an additional 1,086,776 shares during the period. Norges Bank purchased a new stake in shares of Manulife Financial in the 4th quarter valued at $473,568,000. Legal & General Group Plc boosted its stake in shares of Manulife Financial by 4.2% in the 3rd quarter. Legal & General Group Plc now owns 11,138,365 shares of the financial services provider’s stock valued at $204,468,000 after purchasing an additional 446,444 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Manulife Financial by 7.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 10,680,517 shares of the financial services provider’s stock valued at $195,240,000 after purchasing an additional 775,135 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Manulife Financial by 1.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 9,445,466 shares of the financial services provider’s stock valued at $172,663,000 after purchasing an additional 119,192 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Up 0.0 %

NYSE MFC traded up $0.01 during trading on Wednesday, hitting $26.38. The company had a trading volume of 519,080 shares, compared to its average volume of 3,262,575. The company’s fifty day moving average is $24.36 and its 200-day moving average is $22.53. The company has a market cap of $47.37 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 0.97 and a beta of 1.08. Manulife Financial Co. has a one year low of $17.07 and a one year high of $26.81.

Manulife Financial Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd will be paid a $0.29 dividend. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.16 annualized dividend and a dividend yield of 4.40%. Manulife Financial’s payout ratio is 69.19%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MFC shares. National Bank Financial raised shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th. Jefferies Financial Group began coverage on shares of Manulife Financial in a research report on Thursday, February 22nd. They set a “buy” rating for the company. BMO Capital Markets raised shares of Manulife Financial from a “market perform” rating to an “outperform” rating and increased their price target for the company from $31.00 to $35.00 in a research report on Thursday, February 15th. Finally, Desjardins raised shares of Manulife Financial from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Manulife Financial has a consensus rating of “Moderate Buy” and an average price target of $33.33.

Manulife Financial 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.