Oppenheimer Asset Management Inc. Sells 33,646 Shares of Manulife Financial Co. (NYSE:MFC)

Oppenheimer Asset Management Inc. lowered its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 16.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 165,956 shares of the financial services provider’s stock after selling 33,646 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Manulife Financial were worth $5,097,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Franklin Resources Inc. increased its holdings in shares of Manulife Financial by 16.4% in the third quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider’s stock worth $61,426,000 after purchasing an additional 279,418 shares during the period. Sanctuary Advisors LLC increased its holdings in shares of Manulife Financial by 148.9% in the third quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider’s stock worth $2,382,000 after purchasing an additional 43,877 shares during the period. AEGON ASSET MANAGEMENT UK Plc increased its holdings in shares of Manulife Financial by 14.9% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider’s stock worth $2,719,000 after purchasing an additional 11,509 shares during the period. Teachers Retirement System of The State of Kentucky bought a new position in shares of Manulife Financial in the third quarter worth $13,318,000. Finally, DRW Securities LLC bought a new position in shares of Manulife Financial in the third quarter worth $1,008,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Up 1.2 %

Shares of NYSE:MFC opened at $31.15 on Friday. The stock’s 50-day moving average price is $30.35 and its 200-day moving average price is $29.96. Manulife Financial Co. has a 12-month low of $22.61 and a 12-month high of $33.07. The stock has a market capitalization of $53.67 billion, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 1.11 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced 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. 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. As a group, research analysts predict that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business 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. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Wednesday, March 5th. Manulife Financial’s dividend payout ratio (DPR) is 58.45%.

Analyst Upgrades and Downgrades

MFC has been the subject of several research reports. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. Royal Bank of Canada upped their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $45.50.

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.