Balentine LLC Has $488,000 Position in Manulife Financial Co. (NYSE:MFC)

Balentine LLC lifted its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 7.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 22,087 shares of the financial services provider’s stock after buying an additional 1,508 shares during the period. Balentine LLC’s holdings in Manulife Financial were worth $488,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Blue Trust Inc. lifted its stake in Manulife Financial by 5.7% in the fourth quarter. Blue Trust Inc. now owns 10,465 shares of the financial services provider’s stock valued at $231,000 after purchasing an additional 568 shares during the last quarter. First Affirmative Financial Network raised its holdings in Manulife Financial by 6.0% during the 4th quarter. First Affirmative Financial Network now owns 10,604 shares of the financial services provider’s stock valued at $234,000 after acquiring an additional 600 shares during the period. First Horizon Advisors Inc. raised its holdings in Manulife Financial by 13.4% during the 4th quarter. First Horizon Advisors Inc. now owns 5,425 shares of the financial services provider’s stock valued at $120,000 after acquiring an additional 641 shares during the period. JFS Wealth Advisors LLC raised its holdings in Manulife Financial by 72.9% during the 4th quarter. JFS Wealth Advisors LLC now owns 1,568 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 661 shares during the period. Finally, Clearstead Advisors LLC raised its holdings in Manulife Financial by 35.6% during the 3rd quarter. Clearstead Advisors LLC now owns 2,535 shares of the financial services provider’s stock valued at $46,000 after acquiring an additional 665 shares during the period. 52.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Manulife Financial Stock Performance

MFC stock opened at $26.39 on Wednesday. The firm has a 50 day moving average price of $24.36 and a 200-day moving average price of $22.53. Manulife Financial Co. has a 52-week low of $17.07 and a 52-week high of $26.81. The firm has a market capitalization of $47.38 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 0.97 and a beta of 1.08.

Manulife Financial Cuts Dividend

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

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.