Manulife Financial Co. (NYSE:MFC) Stock Holdings Lessened by Bowen Hanes & Co. Inc.

Bowen Hanes & Co. Inc. reduced its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 7.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,695 shares of the financial services provider’s stock after selling 1,175 shares during the quarter. Bowen Hanes & Co. Inc.’s holdings in Manulife Financial were worth $451,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Erste Asset Management GmbH raised its stake in Manulife Financial by 0.6% during the 4th quarter. Erste Asset Management GmbH now owns 69,300 shares of the financial services provider’s stock valued at $2,133,000 after purchasing an additional 400 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in Manulife Financial by 1.7% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,334,413 shares of the financial services provider’s stock valued at $347,757,000 after purchasing an additional 190,738 shares during the period. Avantax Advisory Services Inc. raised its stake in Manulife Financial by 14.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 19,343 shares of the financial services provider’s stock valued at $594,000 after purchasing an additional 2,451 shares during the period. Essential Planning LLC. acquired a new stake in Manulife Financial during the 4th quarter valued at $234,000. Finally, Jupiter Asset Management Ltd. acquired a new stake in Manulife Financial during the 4th quarter valued at $6,397,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MFC has been the topic of several research analyst reports. Royal Bank of Canada boosted their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Scotiabank restated 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $45.50.

Manulife Financial Trading Up 2.3 %

Shares of NYSE:MFC opened at $29.27 on Thursday. The stock has a market capitalization of $50.43 billion, a PE ratio of 14.14, a P/E/G ratio of 1.11 and a beta of 1.05. Manulife Financial Co. has a 1 year low of $22.61 and a 1 year high of $33.07. The firm has a fifty day moving average price of $30.14 and a 200 day moving average price of $30.17.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.07. The firm 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%. On average, sell-side analysts forecast that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be issued a $0.3094 dividend. The ex-dividend date is Wednesday, March 5th. 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 yield of 4.23%. Manulife Financial’s dividend payout ratio is currently 58.45%.

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.