Crestwood Advisors Group LLC Sells 3,139 Shares of Manulife Financial Co. (NYSE:MFC)

Crestwood Advisors Group LLC reduced its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 0.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 437,297 shares of the financial services provider’s stock after selling 3,139 shares during the quarter. Crestwood Advisors Group LLC’s holdings in Manulife Financial were worth $13,429,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MFC. Allspring Global Investments Holdings LLC raised its stake in Manulife Financial by 292.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 345,833 shares of the financial services provider’s stock valued at $10,219,000 after purchasing an additional 257,688 shares in the last quarter. Private Advisor Group LLC raised its position in shares of Manulife Financial by 1.2% during the 3rd quarter. Private Advisor Group LLC now owns 69,436 shares of the financial services provider’s stock valued at $2,052,000 after buying an additional 839 shares in the last quarter. Greenleaf Trust lifted its holdings in shares of Manulife Financial by 19.3% during the 3rd quarter. Greenleaf Trust now owns 9,889 shares of the financial services provider’s stock worth $292,000 after acquiring an additional 1,598 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Manulife Financial in the third quarter worth $956,000. Finally, Assenagon Asset Management S.A. increased its stake in Manulife Financial by 12.2% in the third quarter. Assenagon Asset Management S.A. now owns 58,804 shares of the financial services provider’s stock valued at $1,740,000 after acquiring an additional 6,410 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

MFC has been the subject of a number of research reports. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada upped their target price on Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $45.50.

Manulife Financial Stock Down 4.6 %

NYSE:MFC opened at $30.36 on Monday. The firm has a market capitalization of $52.32 billion, a P/E ratio of 14.67, a P/E/G ratio of 1.11 and a beta of 1.09. Manulife Financial Co. has a 52 week low of $22.61 and a 52 week high of $33.07. The company has a fifty day moving average of $30.32 and a 200 day moving average of $29.83.

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, topping the consensus estimate of $0.67 by $0.07. The company had revenue of $9.31 billion for the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. As a group, analysts anticipate that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be paid a dividend of $0.3094 per share. The ex-dividend date is Wednesday, March 5th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 4.08%. Manulife Financial’s payout ratio is 59.42%.

Manulife Financial 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.