Manulife Financial Co. (NYSE:MFC) Shares Sold by National Bank of Canada FI

National Bank of Canada FI lessened its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 14.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,083,275 shares of the financial services provider’s stock after selling 4,151,961 shares during the quarter. Manulife Financial comprises about 0.9% of National Bank of Canada FI’s holdings, making the stock its 19th biggest holding. National Bank of Canada FI owned about 1.39% of Manulife Financial worth $547,379,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. AJOVista LLC acquired a new stake in shares of Manulife Financial during the fourth quarter worth about $4,012,000. Benjamin Edwards Inc. raised its holdings in Manulife Financial by 273.3% in the fourth quarter. Benjamin Edwards Inc. now owns 26,847 shares of the financial services provider’s stock valued at $593,000 after acquiring an additional 19,655 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in Manulife Financial by 13.4% in the fourth quarter. First Horizon Advisors Inc. now owns 5,425 shares of the financial services provider’s stock valued at $120,000 after acquiring an additional 641 shares in the last quarter. Kestra Private Wealth Services LLC raised its holdings in Manulife Financial by 73.1% in the fourth quarter. Kestra Private Wealth Services LLC now owns 48,404 shares of the financial services provider’s stock valued at $1,070,000 after acquiring an additional 20,434 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in Manulife Financial by 7.0% in the fourth quarter. Van ECK Associates Corp now owns 233,232 shares of the financial services provider’s stock valued at $5,157,000 after acquiring an additional 15,280 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Price Performance

Shares of MFC traded up $0.31 during mid-day trading on Friday, reaching $24.01. 1,168,687 shares of the company’s stock were exchanged, compared to its average volume of 2,751,152. The stock has a market capitalization of $43.25 billion, a PE ratio of 12.44, a price-to-earnings-growth ratio of 0.88 and a beta of 1.08. The business’s fifty day simple moving average is $23.93 and its 200-day simple moving average is $21.79. Manulife Financial Co. has a 52-week low of $17.07 and a 52-week high of $25.14.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.05. The business had revenue of $10.96 billion for the quarter, compared to analyst estimates of $7.57 billion. Manulife Financial had a net margin of 10.42% and a return on equity of 15.98%. Equities research analysts predict that Manulife Financial Co. will post 2.7 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Wednesday, February 28th were given a dividend of $0.298 per share. The ex-dividend date was Tuesday, February 27th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.26. This represents a $1.19 dividend on an annualized basis and a dividend yield of 4.96%. Manulife Financial’s dividend payout ratio (DPR) is 61.66%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MFC shares. BMO Capital Markets raised shares of Manulife Financial from a “market perform” rating to an “outperform” rating and raised their target price for the company from $31.00 to $35.00 in a report on Thursday, February 15th. Desjardins upgraded shares of Manulife Financial from a “hold” rating to a “buy” rating in a research note on Thursday, February 15th. Finally, Jefferies Financial Group assumed coverage on shares of Manulife Financial in a research note on Thursday, February 22nd. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Manulife Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.33.

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.