Manulife Financial Co. (NYSE:MFC) Shares Sold by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board decreased its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 24.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 135,828 shares of the financial services provider’s stock after selling 44,669 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Manulife Financial were worth $3,002,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. lifted its holdings in shares of Manulife Financial by 13.5% during the third quarter. Principal Financial Group Inc. now owns 121,878 shares of the financial services provider’s stock valued at $2,237,000 after purchasing an additional 14,512 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Manulife Financial by 8.7% during the third quarter. Signaturefd LLC now owns 49,207 shares of the financial services provider’s stock valued at $900,000 after purchasing an additional 3,938 shares during the last quarter. Aspire Private Capital LLC lifted its holdings in shares of Manulife Financial by 92.0% during the third quarter. Aspire Private Capital LLC now owns 4,078 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 1,954 shares during the last quarter. NBC Securities Inc. acquired a new position in Manulife Financial during the third quarter valued at $32,000. Finally, Nicholas Hoffman & Company LLC. raised its position in Manulife Financial by 7.7% during the third quarter. Nicholas Hoffman & Company LLC. now owns 15,208 shares of the financial services provider’s stock valued at $278,000 after buying an additional 1,086 shares during the period. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Trading Up 0.0 %

NYSE:MFC traded up $0.01 during mid-day trading on Thursday, hitting $26.28. 857,959 shares of the company’s stock traded hands, compared to its average volume of 3,260,568. The firm has a 50 day moving average of $24.40 and a two-hundred day moving average of $22.55. Manulife Financial Co. has a 12 month low of $17.07 and a 12 month high of $26.81. The firm has a market capitalization of $47.19 billion, a price-to-earnings ratio of 15.28, a price-to-earnings-growth ratio of 0.96 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. Shareholders of record on Wednesday, May 22nd will be given a $0.29 dividend. The ex-dividend date is Tuesday, May 21st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.41%. Manulife Financial’s dividend payout ratio is currently 67.44%.

Wall Street Analyst Weigh In

MFC has been the topic of several recent analyst reports. BMO Capital Markets raised Manulife Financial from a “market perform” rating to an “outperform” rating and upped their price target for the company from $31.00 to $35.00 in a research report on Thursday, February 15th. National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a research report on Thursday, May 9th. Desjardins raised Manulife Financial from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. Finally, Jefferies Financial Group assumed coverage on Manulife Financial in a research note on Thursday, February 22nd. They set a “buy” rating for the company. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Manulife Financial presently has an average rating of “Moderate Buy” and an average target price of $33.33.

Manulife Financial Company 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.