Korea Investment CORP Trims Stock Position in Manulife Financial Co. (NYSE:MFC)

Korea Investment CORP trimmed its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 14.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,464,244 shares of the financial services provider’s stock after selling 255,972 shares during the quarter. Korea Investment CORP owned about 0.08% of Manulife Financial worth $44,960,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Brooklyn Investment Group acquired a new stake in Manulife Financial during the third quarter worth $26,000. Crews Bank & Trust purchased a new position in shares of Manulife Financial during the 4th quarter worth $26,000. Lee Danner & Bass Inc. acquired a new stake in shares of Manulife Financial during the 4th quarter worth about $31,000. Stonebridge Financial Group LLC acquired a new stake in shares of Manulife Financial during the 4th quarter worth about $34,000. Finally, Golden State Wealth Management LLC purchased a new stake in Manulife Financial in the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Royal Bank of Canada lifted their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. One equities 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. According to data from MarketBeat.com, Manulife Financial currently has a consensus rating of “Buy” and a consensus target price of $45.50.

Manulife Financial Price Performance

NYSE MFC opened at $31.14 on Friday. The company has a market cap of $53.65 billion, a P/E ratio of 15.04, 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 stock has a 50-day moving average of $30.14 and a two-hundred day moving average of $30.38.

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 for the quarter, beating 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, analysts anticipate that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were paid a $0.3094 dividend. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend was Wednesday, March 5th. Manulife Financial’s dividend payout ratio (DPR) is presently 58.45%.

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.