PNC Financial Services Group Inc. Sells 2,926 Shares of Manulife Financial Co. (NYSE:MFC)

PNC Financial Services Group Inc. cut its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 81,976 shares of the financial services provider’s stock after selling 2,926 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Manulife Financial were worth $2,517,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Brooklyn Investment Group acquired a new stake in shares of Manulife Financial during the 3rd quarter worth approximately $26,000. Crews Bank & Trust bought a new position in shares of Manulife Financial during the fourth quarter valued at $26,000. Stonebridge Financial Group LLC bought a new position in shares of Manulife Financial during the fourth quarter valued at $34,000. Golden State Wealth Management LLC bought a new position in shares of Manulife Financial during the fourth quarter valued at $35,000. Finally, CKW Financial Group bought a new position in Manulife Financial during the fourth quarter worth $37,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Stock Performance

Manulife Financial stock opened at $29.45 on Friday. Manulife Financial Co. has a fifty-two week low of $22.61 and a fifty-two week high of $33.07. The stock has a market cap of $50.73 billion, a PE ratio of 14.23, a price-to-earnings-growth ratio of 1.11 and a beta of 1.05. The firm’s 50-day simple moving average is $30.07 and its 200 day simple moving average is $30.17.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results 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 for the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. As a group, analysts predict that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a $0.3094 dividend. The ex-dividend date is Wednesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 4.20%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s payout ratio is 58.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MFC shares. Royal Bank of Canada lifted their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Scotiabank reiterated 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. Based on data from MarketBeat, the stock currently has a consensus 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.