RNC Capital Management LLC Sells 3,733 Shares of Manulife Financial Co. (NYSE:MFC)

RNC Capital Management LLC decreased its position in shares of Manulife Financial Co. (NYSE:MFC – Get Rating) (TSE:MFC) by 26.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,334 shares of the financial services provider’s stock after selling 3,733 shares during the period. RNC Capital Management LLC’s holdings in Manulife Financial were worth $184,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Manulife Financial by 10.1% during the 1st quarter. BlackRock Inc. now owns 878,359 shares of the financial services provider’s stock worth $18,753,000 after purchasing an additional 80,450 shares during the period. Raymond James Trust N.A. grew its stake in shares of Manulife Financial by 7.9% during the first quarter. Raymond James Trust N.A. now owns 27,503 shares of the financial services provider’s stock valued at $587,000 after buying an additional 2,013 shares during the last quarter. Cetera Investment Advisers purchased a new stake in shares of Manulife Financial in the first quarter worth approximately $428,000. Moors & Cabot Inc. boosted its holdings in Manulife Financial by 2.3% during the 1st quarter. Moors & Cabot Inc. now owns 43,078 shares of the financial services provider’s stock valued at $920,000 after acquiring an additional 956 shares during the period. Finally, Sequoia Financial Advisors LLC grew its position in Manulife Financial by 32.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 14,560 shares of the financial services provider’s stock valued at $311,000 after acquiring an additional 3,585 shares during the last quarter. Hedge funds and other institutional investors own 43.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. TD Securities lifted their target price on Manulife Financial from C$30.00 to C$32.00 in a research report on Thursday, February 16th. CIBC boosted their price objective on shares of Manulife Financial from C$23.00 to C$27.00 in a research report on Wednesday, January 25th. Desjardins lifted their price target on shares of Manulife Financial from C$26.00 to C$28.00 in a research note on Friday, February 17th. National Bank Financial boosted their price target on Manulife Financial from C$26.00 to C$27.00 in a report on Thursday, February 16th. Finally, StockNews.com initiated coverage on Manulife Financial in a report on Thursday. They set a “hold” rating on the stock. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $29.29.

Manulife Financial Stock Performance

Shares of MFC opened at $17.53 on Friday. The company has a 50 day moving average price of $19.33 and a 200-day moving average price of $17.86. Manulife Financial Co. has a fifty-two week low of $14.92 and a fifty-two week high of $21.85. The stock has a market capitalization of $32.56 billion, a PE ratio of 6.22, a PEG ratio of 0.75 and a beta of 1.13.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 20th. Shareholders of record on Tuesday, February 28th will be given a dividend of $0.274 per share. This represents a $1.10 annualized dividend and a yield of 6.25%. The ex-dividend date of this dividend is Monday, February 27th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.24. Manulife Financial’s dividend payout ratio (DPR) is 39.01%.

Manulife Financial Company Profile

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Manulife Financial Corp. engages in the provision of financial services. It operates through the following segments: Asia, Canada, U.S., Global Wealth and Asset Management, and Corporate and Other. The Asia segment refers to insurance and insurance-based wealth accumulation products in Asia. The Canada segment offers insurance-based wealth accumulation products and banking services in Canada.