Smartleaf Asset Management LLC Sells 5,541 Shares of Manulife Financial Co. (NYSE:MFC)

Smartleaf Asset Management LLC cut its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 45.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,726 shares of the financial services provider’s stock after selling 5,541 shares during the period. Smartleaf Asset Management LLC’s holdings in Manulife Financial were worth $206,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. National Bank of Canada FI grew its position in shares of Manulife Financial by 13.5% during the third quarter. National Bank of Canada FI now owns 28,063,936 shares of the financial services provider’s stock worth $829,374,000 after purchasing an additional 3,329,892 shares in the last quarter. Geode Capital Management LLC grew its holdings in Manulife Financial by 8.1% during the 3rd quarter. Geode Capital Management LLC now owns 8,273,260 shares of the financial services provider’s stock valued at $247,473,000 after buying an additional 616,517 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Manulife Financial by 3.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,186,930 shares of the financial services provider’s stock valued at $153,455,000 after buying an additional 158,216 shares in the last quarter. Alberta Investment Management Corp raised its position in shares of Manulife Financial by 5.1% during the fourth quarter. Alberta Investment Management Corp now owns 4,896,049 shares of the financial services provider’s stock valued at $150,333,000 after buying an additional 236,808 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Manulife Financial by 1.8% in the third quarter. The Manufacturers Life Insurance Company now owns 2,035,663 shares of the financial services provider’s stock worth $60,202,000 after buying an additional 36,838 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MFC has been the topic of a number of research reports. 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 report on Friday, February 21st. Scotiabank reaffirmed 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 issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $45.50.

Manulife Financial Stock Up 2.8 %

Manulife Financial stock opened at $30.01 on Thursday. Manulife Financial Co. has a 52-week low of $22.61 and a 52-week high of $33.07. The company has a market cap of $51.71 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.11 and a beta of 1.05. The firm’s fifty day moving average is $30.31 and its 200 day moving average is $30.08.

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 the consensus estimate of $0.67 by $0.07. The firm had revenue of $9.31 billion for the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. On average, equities research analysts anticipate that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a $0.3094 dividend. This represents a $1.24 annualized dividend and a dividend yield of 4.12%. The ex-dividend date is Wednesday, March 5th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio (DPR) is 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.