Scotia Capital Inc. Sells 493,904 Shares of Manulife Financial Co. (NYSE:MFC)

Scotia Capital Inc. lowered its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 4.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,829,993 shares of the financial services provider’s stock after selling 493,904 shares during the period. Manulife Financial accounts for 1.8% of Scotia Capital Inc.’s portfolio, making the stock its 17th largest position. Scotia Capital Inc. owned 0.63% of Manulife Financial worth $332,354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Franklin Resources Inc. grew its holdings in Manulife Financial by 16.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider’s stock worth $61,426,000 after acquiring an additional 279,418 shares during the period. Sanctuary Advisors LLC increased its stake in shares of Manulife Financial by 148.9% during the 3rd 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 last quarter. Dorsey & Whitney Trust CO LLC acquired a new position in Manulife Financial in the 4th quarter valued at about $330,000. AEGON ASSET MANAGEMENT UK Plc grew its position in shares of Manulife Financial by 14.9% during the 4th 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 in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Manulife Financial by 28.7% during the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider’s stock worth $333,291,000 after purchasing an additional 2,377,338 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Trading Up 8.2 %

Manulife Financial stock opened at $29.15 on Thursday. The firm’s 50 day simple moving average is $29.92 and its 200 day simple moving average is $30.48. The firm has a market capitalization of $50.21 billion, a PE ratio of 14.08, a price-to-earnings-growth ratio of 1.11 and a beta of 0.89. Manulife Financial Co. has a 1-year low of $22.61 and a 1-year high of $33.07.

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. The company had revenue of $9.31 billion during the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. Research analysts forecast that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a $0.3094 dividend. This represents a $1.24 annualized dividend and a dividend yield of 4.25%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date was Wednesday, March 5th. Manulife Financial’s dividend payout ratio (DPR) is currently 58.45%.

Analysts Set New Price Targets

Several equities analysts recently commented on MFC shares. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. Royal Bank of Canada increased their price objective 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 analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $45.50.

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.