AGF Management Ltd. Sells 26,361 Shares of Manulife Financial Co. (NYSE:MFC)

AGF Management Ltd. lessened its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,486,083 shares of the financial services provider’s stock after selling 26,361 shares during the period. AGF Management Ltd.’s holdings in Manulife Financial were worth $45,638,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Brooklyn Investment Group bought a new stake in shares of Manulife Financial during the third quarter valued at approximately $26,000. Crews Bank & Trust bought a new stake in shares of Manulife Financial during the fourth quarter valued at approximately $26,000. Capital Performance Advisors LLP bought a new stake in shares of Manulife Financial during the third quarter valued at approximately $30,000. Stonebridge Financial Group LLC bought a new stake in shares of Manulife Financial during the fourth quarter valued at approximately $34,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Manulife Financial during the fourth quarter valued at approximately $35,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $28.51 on Tuesday. The business’s 50 day moving average price is $30.21 and its 200-day moving average price is $30.16. Manulife Financial Co. has a 1 year low of $22.61 and a 1 year high of $33.07. The firm has a market capitalization of $49.13 billion, a price-to-earnings ratio of 13.77, a price-to-earnings-growth ratio of 1.11 and a beta of 1.05.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.07. The business had revenue of $9.31 billion during the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. On average, sell-side analysts expect that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business 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. The ex-dividend date is Wednesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.34%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s payout ratio is presently 58.45%.

Wall Street Analysts Forecast Growth

MFC has been the subject of several recent analyst reports. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. Royal Bank of Canada lifted their price objective 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. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $45.50.

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.