Global Retirement Partners LLC Lowers Stake in Manulife Financial Co. (NYSE:MFC)

Global Retirement Partners LLC cut its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 13.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,844 shares of the financial services provider’s stock after selling 916 shares during the period. Global Retirement Partners LLC’s holdings in Manulife Financial were worth $179,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MFC. National Bank of Canada FI boosted its position in shares of Manulife Financial by 13.5% in the third quarter. National Bank of Canada FI now owns 28,063,936 shares of the financial services provider’s stock worth $829,374,000 after acquiring an additional 3,329,892 shares during the last quarter. Bridgewater Associates LP lifted its position in Manulife Financial by 169.6% during the third quarter. Bridgewater Associates LP now owns 1,404,481 shares of the financial services provider’s stock valued at $41,554,000 after buying an additional 883,624 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Manulife Financial by 1,067.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 686,418 shares of the financial services provider’s stock valued at $21,080,000 after buying an additional 627,614 shares in the last quarter. Geode Capital Management LLC lifted its position in Manulife Financial by 8.1% during the third quarter. Geode Capital Management LLC now owns 8,273,260 shares of the financial services provider’s stock valued at $247,473,000 after buying an additional 616,517 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Manulife Financial during the third quarter valued at approximately $17,412,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Royal Bank of Canada lifted their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $45.50.

Manulife Financial Stock Up 0.2 %

MFC opened at $30.79 on Thursday. The firm has a market capitalization of $53.05 billion, a P/E ratio of 14.87, a P/E/G ratio of 1.11 and a beta of 1.09. The firm’s 50 day moving average is $30.32 and its 200-day moving average is $29.91. Manulife Financial Co. has a 52-week low of $22.61 and a 52-week high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data 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 for the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. Equities analysts expect that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed 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 represents a $1.24 dividend on an annualized basis and a dividend yield of 4.02%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio (DPR) 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.