Manulife Financial Co. (NYSE:MFC) Shares Sold by Wesbanco Bank Inc.

Wesbanco Bank Inc. lessened its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 4.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,789 shares of the financial services provider’s stock after selling 525 shares during the quarter. Wesbanco Bank Inc.’s holdings in Manulife Financial were worth $367,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Lee Danner & Bass Inc. acquired a new stake in Manulife Financial in the 4th quarter valued at about $31,000. Stonebridge Financial Group LLC bought a new stake in shares of Manulife Financial in the 4th quarter worth approximately $34,000. Golden State Wealth Management LLC acquired a new stake in Manulife Financial during the fourth quarter valued at approximately $35,000. Lazard Asset Management LLC bought a new stake in Manulife Financial during the fourth quarter worth approximately $35,000. Finally, Transce3nd LLC acquired a new position in Manulife Financial in the fourth quarter worth approximately $42,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

Shares of MFC opened at $32.04 on Wednesday. The company has a 50-day moving average of $30.46 and a two-hundred day moving average of $30.53. The stock has a market cap of $54.87 billion, a price-to-earnings ratio of 15.48, a PEG ratio of 1.11 and a beta of 1.01. Manulife Financial Co. has a one year low of $23.30 and a one year high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. The firm had revenue of $1.49 billion during the quarter. During the same period last year, the company earned $0.94 earnings per share. Analysts anticipate that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Wednesday, May 21st will be given a dividend of $0.3194 per share. This represents a $1.28 annualized dividend and a yield of 3.99%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, May 21st. Manulife Financial’s payout ratio is presently 66.49%.

Wall Street Analyst Weigh In

MFC has been the topic of several research reports. Morgan Stanley set a $46.00 price target on Manulife Financial in a report on Monday, May 19th. Royal Bank of Canada boosted their target price on Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Manulife Financial currently has a consensus rating of “Buy” and an average target price of $45.67.

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.