Manulife Financial Co. (NYSE:MFC) Stock Holdings Cut by Wambolt & Associates LLC

Wambolt & Associates LLC trimmed its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 8.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 91,458 shares of the financial services provider’s stock after selling 8,933 shares during the period. Wambolt & Associates LLC’s holdings in Manulife Financial were worth $2,809,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Franklin Resources Inc. lifted its position in Manulife Financial by 16.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider’s stock worth $61,426,000 after buying an additional 279,418 shares in the last quarter. Sanctuary Advisors LLC increased its stake in shares of Manulife Financial by 148.9% in the third quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider’s stock worth $2,382,000 after acquiring an additional 43,877 shares during the last quarter. Dorsey & Whitney Trust CO LLC purchased a new stake in shares of Manulife Financial during the fourth quarter worth $330,000. AEGON ASSET MANAGEMENT UK Plc boosted its position in Manulife Financial by 14.9% during the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider’s stock valued at $2,719,000 after purchasing an additional 11,509 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Manulife Financial by 4.7% in the fourth quarter. Bank of New York Mellon Corp now owns 1,809,774 shares of the financial services provider’s stock valued at $55,578,000 after purchasing an additional 81,799 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Stock Performance

Shares of NYSE:MFC opened at $31.34 on Tuesday. Manulife Financial Co. has a 52-week low of $22.61 and a 52-week high of $33.07. The company has a market cap of $53.99 billion, a P/E ratio of 15.14, a P/E/G ratio of 1.11 and a beta of 1.05. The stock’s 50-day moving average is $30.09 and its 200-day moving average is $30.34.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued 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. The company had revenue of $9.31 billion during the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. As a group, equities analysts predict that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a dividend of $0.3094 per share. The ex-dividend date was Wednesday, March 5th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 3.95%. Manulife Financial’s dividend payout ratio (DPR) is 58.45%.

Analysts Set New Price Targets

Several brokerages have recently commented on MFC. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. Royal Bank of Canada raised 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, February 21st. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Manulife Financial presently has an average rating of “Buy” and an average target price 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.