Manulife Financial Co. (NYSE:MFC) Shares Sold by Bowen Hanes & Co. Inc.

Bowen Hanes & Co. Inc. reduced its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 7.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,695 shares of the financial services provider’s stock after selling 1,175 shares during the period. Bowen Hanes & Co. Inc.’s holdings in Manulife Financial were worth $451,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Erste Asset Management GmbH boosted its stake in Manulife Financial by 0.6% in the fourth quarter. Erste Asset Management GmbH now owns 69,300 shares of the financial services provider’s stock valued at $2,133,000 after acquiring an additional 400 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Manulife Financial by 1.7% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,334,413 shares of the financial services provider’s stock worth $347,757,000 after buying an additional 190,738 shares during the period. Avantax Advisory Services Inc. boosted its position in shares of Manulife Financial by 14.5% during the fourth quarter. Avantax Advisory Services Inc. now owns 19,343 shares of the financial services provider’s stock worth $594,000 after buying an additional 2,451 shares during the period. Essential Planning LLC. acquired a new position in shares of Manulife Financial during the fourth quarter worth approximately $234,000. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of Manulife Financial during the fourth quarter worth approximately $6,397,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. Royal Bank of Canada boosted their price objective 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 equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $45.50.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $29.27 on Thursday. Manulife Financial Co. has a 12 month low of $22.61 and a 12 month high of $33.07. The stock has a market cap of $50.43 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.11 and a beta of 1.05. The stock’s 50 day moving average price is $30.14 and its 200 day moving average price is $30.17.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its 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 return on equity of 15.98% and a net margin of 10.08%. The firm had revenue of $9.31 billion for the quarter. On average, sell-side analysts expect 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 will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be issued a dividend of $0.3094 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.24 annualized dividend and a yield of 4.23%. Manulife Financial’s payout ratio is presently 58.45%.

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.