Wedbush Securities Inc. Has $677,000 Position in Manulife Financial Co. (NYSE:MFC)

Wedbush Securities Inc. trimmed its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 9.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,031 shares of the financial services provider’s stock after selling 2,404 shares during the quarter. Wedbush Securities Inc.’s holdings in Manulife Financial were worth $677,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MFC. Crews Bank & Trust acquired a new stake in shares of Manulife Financial in the 4th quarter valued at about $26,000. Lee Danner & Bass Inc. acquired a new stake in Manulife Financial in the fourth quarter valued at approximately $31,000. Stonebridge Financial Group LLC bought a new stake in shares of Manulife Financial during the fourth quarter valued at approximately $34,000. Golden State Wealth Management LLC acquired a new position in shares of Manulife Financial during the fourth quarter worth approximately $35,000. Finally, CKW Financial Group acquired a new position in shares of Manulife Financial during the fourth quarter worth approximately $37,000. 52.56% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Royal Bank of Canada upped their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $45.50.

Manulife Financial Stock Down 1.0 %

Shares of MFC stock opened at $27.41 on Tuesday. Manulife Financial Co. has a 12-month low of $22.61 and a 12-month high of $33.07. The company has a 50 day moving average of $30.10 and a 200-day moving average of $30.52. The firm has a market cap of $47.22 billion, a P/E ratio of 13.24, a PEG ratio of 1.11 and a beta of 0.89.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate 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 during the quarter. As a group, equities analysts expect that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a $0.3094 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $1.24 annualized dividend and a yield of 4.51%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio (DPR) is currently 58.45%.

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.