The Manufacturers Life Insurance Company Lowers Position in Manulife Financial Co. (NYSE:MFC)

The Manufacturers Life Insurance Company trimmed its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 4.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,947,035 shares of the financial services provider’s stock after selling 88,628 shares during the period. The Manufacturers Life Insurance Company owned 0.11% of Manulife Financial worth $59,894,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Beacon Pointe Advisors LLC bought a new stake in Manulife Financial in the 4th quarter valued at $216,000. Susquehanna Fundamental Investments LLC bought a new stake in Manulife Financial in the 4th quarter valued at $26,862,000. Hsbc Holdings PLC increased its holdings in Manulife Financial by 9.2% in the 4th quarter. Hsbc Holdings PLC now owns 6,343,892 shares of the financial services provider’s stock valued at $194,803,000 after acquiring an additional 534,331 shares during the last quarter. Hunting Hill Global Capital LLC bought a new stake in Manulife Financial in the 4th quarter valued at $202,000. Finally, State of Tennessee Department of Treasury increased its holdings in Manulife Financial by 0.3% in the 4th quarter. State of Tennessee Department of Treasury now owns 1,020,377 shares of the financial services provider’s stock valued at $31,331,000 after acquiring an additional 3,088 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Royal Bank of Canada lifted their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the company 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 equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Manulife Financial presently has an average rating of “Buy” and an average price target of $45.50.

Manulife Financial Stock Up 0.7 %

Manulife Financial stock opened at $30.70 on Wednesday. Manulife Financial Co. has a twelve month low of $23.27 and a twelve month high of $33.07. The company’s 50-day moving average price is $29.71 and its 200-day moving average price is $30.42. The company has a market cap of $52.75 billion, a PE ratio of 14.83, a price-to-earnings-growth ratio of 1.11 and a beta of 0.89.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results 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 during the quarter. As a group, sell-side analysts expect 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. Shareholders of record on Wednesday, March 5th were given a $0.3094 dividend. This represents a $1.24 annualized dividend and a yield of 4.03%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Wednesday, March 5th. Manulife Financial’s payout ratio is 58.45%.

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.