Crestwood Advisors Group LLC Sells 3,139 Shares of Manulife Financial Co. (NYSE:MFC)

Crestwood Advisors Group LLC reduced its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 0.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 437,297 shares of the financial services provider’s stock after selling 3,139 shares during the quarter. Crestwood Advisors Group LLC’s holdings in Manulife Financial were worth $13,429,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Brooklyn Investment Group bought a new stake in shares of Manulife Financial during the 3rd quarter worth $26,000. Crews Bank & Trust purchased a new stake in Manulife Financial during the fourth quarter worth about $26,000. Capital Performance Advisors LLP bought a new stake in Manulife Financial in the third quarter worth about $30,000. Fortitude Family Office LLC bought a new position in shares of Manulife Financial during the 3rd quarter valued at approximately $31,000. Finally, Stonebridge Financial Group LLC bought a new position in shares of Manulife Financial during the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on MFC. Royal Bank of Canada upped their price objective on Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $45.50.

Manulife Financial Trading Down 4.6 %

Shares of MFC stock opened at $30.36 on Monday. The firm’s 50 day moving average is $30.32 and its 200 day moving average is $29.83. The stock has a market capitalization of $52.32 billion, a P/E ratio of 14.67, a PEG ratio of 1.11 and a beta of 1.09. Manulife Financial Co. has a 12 month low of $22.61 and a 12 month high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted 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 return on equity of 15.98% and a net margin of 10.08%. The firm had revenue of $9.31 billion during the quarter. On average, equities analysts predict 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 will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be issued a dividend of $0.3094 per share. This represents a $1.24 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date is Wednesday, March 5th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s payout ratio is presently 59.42%.

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.