Manulife Financial Co. (NYSE:MFC) Shares Sold by PCJ Investment Counsel Ltd.

PCJ Investment Counsel Ltd. lessened its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 41.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 145,681 shares of the financial services provider’s stock after selling 101,530 shares during the period. Manulife Financial comprises about 1.5% of PCJ Investment Counsel Ltd.’s portfolio, making the stock its 14th largest holding. PCJ Investment Counsel Ltd.’s holdings in Manulife Financial were worth $4,470,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Brooklyn Investment Group acquired a new stake in shares of Manulife Financial in the third quarter valued at about $26,000. Crews Bank & Trust acquired a new stake in Manulife Financial in the 4th quarter valued at approximately $26,000. Capital Performance Advisors LLP purchased a new stake in Manulife Financial during the third quarter worth about $30,000. Stonebridge Financial Group LLC acquired a new stake in Manulife Financial during the 4th quarter worth approximately $34,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Manulife Financial in the fourth quarter valued at $35,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Trading Down 0.5 %

Shares of NYSE:MFC opened at $29.23 on Friday. The company has a fifty day simple moving average of $30.25 and a 200 day simple moving average of $30.09. Manulife Financial Co. has a 12-month low of $22.61 and a 12-month high of $33.07. The firm has a market cap of $50.37 billion, a PE ratio of 14.12, a price-to-earnings-growth ratio of 1.11 and a beta of 1.05.

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 the consensus estimate of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The business had revenue of $9.31 billion during the quarter. As a group, equities research analysts forecast that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be paid a $0.3094 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 4.23%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio (DPR) is currently 58.45%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Royal Bank of Canada increased their target price on Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $45.50.

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.