Foster & Motley Inc. Sells 35,679 Shares of Manulife Financial Corp $MFC

Foster & Motley Inc. lessened its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 11.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 272,962 shares of the financial services provider’s stock after selling 35,679 shares during the period. Foster & Motley Inc.’s holdings in Manulife Financial were worth $9,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new stake in shares of Manulife Financial during the third quarter worth about $25,000. Caldwell Trust Co purchased a new position in shares of Manulife Financial in the 2nd quarter valued at approximately $27,000. Wolff Wiese Magana LLC boosted its stake in Manulife Financial by 269.2% in the 4th quarter. Wolff Wiese Magana LLC now owns 960 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 700 shares in the last quarter. American Wealth Advisors LLC acquired a new stake in Manulife Financial in the 3rd quarter worth approximately $36,000. Finally, Goodman Advisory Group LLC purchased a new stake in Manulife Financial during the 2nd quarter worth approximately $39,000. 52.56% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MFC. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a report on Thursday, February 5th. Weiss Ratings lowered Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a research note on Friday, February 13th. Canadian Imperial Bank of Commerce upgraded Manulife Financial from a “neutral” rating to an “outperform” rating in a research note on Thursday, January 8th. Morgan Stanley set a $51.00 price objective on Manulife Financial in a report on Monday, December 15th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Manulife Financial in a research note on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $51.50.

Manulife Financial Stock Performance

MFC stock opened at $33.62 on Tuesday. The firm has a market cap of $56.35 billion, a PE ratio of 15.14 and a beta of 0.83. The firm’s fifty day moving average is $35.80 and its 200 day moving average is $34.67. Manulife Financial Corp has a one year low of $25.92 and a one year high of $38.72.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, February 11th. The financial services provider reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.04. The business had revenue of $11.32 billion during the quarter, compared to the consensus estimate of $2.32 billion. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.During the same period in the prior year, the company posted $1.03 EPS. Research analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Wednesday, February 25th were issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date was Wednesday, February 25th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.44. Manulife Financial’s payout ratio is currently 63.96%.

Manulife Financial Company Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.