Massachusetts Financial Services Co. MA Has $188.59 Million Stock Position in Manulife Financial Co. (NYSE:MFC)

Massachusetts Financial Services Co. MA lowered its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 16.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,141,034 shares of the financial services provider’s stock after selling 1,185,951 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.36% of Manulife Financial worth $188,591,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Crews Bank & Trust bought a new position in Manulife Financial during the fourth quarter valued at approximately $26,000. Lee Danner & Bass Inc. bought a new stake in Manulife Financial in the fourth quarter worth $31,000. Stonebridge Financial Group LLC bought a new stake in Manulife Financial in the fourth quarter worth $34,000. Golden State Wealth Management LLC bought a new position in Manulife Financial during the fourth quarter valued at about $35,000. Finally, CKW Financial Group acquired a new stake in shares of Manulife Financial in the fourth quarter worth about $37,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on MFC. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada raised their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $45.50.

Manulife Financial Price Performance

NYSE MFC opened at $30.66 on Friday. The company’s fifty day moving average is $30.21 and its two-hundred day moving average is $30.51. The firm has a market capitalization of $52.81 billion, a price-to-earnings ratio of 14.81, a P/E/G ratio of 1.11 and a beta of 0.89. Manulife Financial Co. has a 52-week low of $22.61 and a 52-week high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate 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, sell-side analysts expect that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.3094 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 4.04%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s payout ratio is currently 58.45%.

Manulife Financial Company 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.