US Bancorp DE Cuts Stake in Manulife Financial Co. (NYSE:MFC)

US Bancorp DE reduced its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 7.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 285,437 shares of the financial services provider’s stock after selling 22,979 shares during the quarter. US Bancorp DE’s holdings in Manulife Financial were worth $8,766,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. SVB Wealth LLC purchased a new position in Manulife Financial in the fourth quarter worth $396,000. Flputnam Investment Management Co. purchased a new position in Manulife Financial in the fourth quarter worth $204,000. QRG Capital Management Inc. purchased a new position in Manulife Financial in the fourth quarter worth $211,000. Oppenheimer & Co. Inc. grew its holdings in Manulife Financial by 1.2% in the fourth quarter. Oppenheimer & Co. Inc. now owns 57,316 shares of the financial services provider’s stock worth $1,760,000 after purchasing an additional 655 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. grew its holdings in Manulife Financial by 1.9% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 713,637 shares of the financial services provider’s stock worth $21,912,000 after purchasing an additional 13,200 shares during the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MFC. Royal Bank of Canada boosted their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $45.50.

Manulife Financial Price Performance

Shares of MFC opened at $30.61 on Tuesday. The firm has a market capitalization of $52.75 billion, a PE ratio of 14.79, a price-to-earnings-growth ratio of 1.11 and a beta of 1.09. The company’s fifty day moving average price is $30.35 and its 200-day moving average price is $30.05. Manulife Financial Co. has a 1-year low of $22.61 and a 1-year high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.07. The company had revenue of $9.31 billion during the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. As a group, research analysts anticipate that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a dividend of $0.3094 per share. The ex-dividend date of this dividend is 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 4.04%. Manulife Financial’s payout ratio is currently 58.45%.

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.