Kovack Advisors Inc. Sells 3,779 Shares of Manulife Financial Co. (NYSE:MFC)

Kovack Advisors Inc. lowered its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 14.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 22,647 shares of the financial services provider’s stock after selling 3,779 shares during the quarter. Kovack Advisors Inc.’s holdings in Manulife Financial were worth $695,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Crews Bank & Trust bought a new position in Manulife Financial during the fourth quarter worth about $26,000. Brooklyn Investment Group purchased a new stake in shares of Manulife Financial during the 3rd quarter valued at approximately $26,000. Capital Performance Advisors LLP bought a new position in Manulife Financial in the 3rd quarter worth approximately $30,000. Fortitude Family Office LLC purchased a new position in Manulife Financial in the 3rd quarter valued at approximately $31,000. Finally, Stonebridge Financial Group LLC purchased a new position in Manulife Financial in the 4th quarter valued at approximately $34,000. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Trading Down 0.1 %

Manulife Financial stock opened at $30.77 on Friday. The firm’s 50 day simple moving average is $30.34 and its 200 day simple moving average is $29.92. Manulife Financial Co. has a 1-year low of $22.61 and a 1-year high of $33.07. The firm has a market capitalization of $53.02 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 1.11 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The firm had revenue of $9.31 billion for the quarter. Research analysts forecast that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be issued a $0.3094 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 4.02%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio (DPR) is presently 58.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on MFC shares. Royal Bank of Canada raised their price target on Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average 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.