Peapack Gladstone Financial Corp Trims Stock Position in Manulife Financial Co. (NYSE:MFC)

Peapack Gladstone Financial Corp cut its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 8.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,077 shares of the financial services provider’s stock after selling 2,464 shares during the period. Peapack Gladstone Financial Corp’s holdings in Manulife Financial were worth $801,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. TD Asset Management Inc. boosted its stake in shares of Manulife Financial by 0.7% in the fourth quarter. TD Asset Management Inc. now owns 34,803,859 shares of the financial services provider’s stock worth $1,068,654,000 after buying an additional 228,863 shares during the last quarter. Norges Bank acquired a new position in Manulife Financial in the fourth quarter valued at approximately $654,751,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in Manulife Financial by 1.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,334,413 shares of the financial services provider’s stock worth $347,757,000 after purchasing an additional 190,738 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Manulife Financial by 28.7% during the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider’s stock valued at $333,291,000 after purchasing an additional 2,377,338 shares in the last quarter. Finally, Alberta Investment Management Corp lifted its stake in shares of Manulife Financial by 5.1% in the 4th quarter. Alberta Investment Management Corp now owns 4,896,049 shares of the financial services provider’s stock valued at $150,333,000 after purchasing an additional 236,808 shares during the period. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Stock Performance

Shares of NYSE MFC opened at $26.88 on Wednesday. The firm has a market cap of $46.30 billion, a PE ratio of 12.99, a PEG ratio of 1.11 and a beta of 0.89. Manulife Financial Co. has a one year low of $22.61 and a one year high of $33.07. The firm has a fifty day moving average of $29.96 and a 200 day moving average of $30.48.

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 the consensus estimate 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, equities analysts predict that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were paid a $0.3094 dividend. The ex-dividend date was Wednesday, March 5th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.60%. Manulife Financial’s payout ratio is currently 58.45%.

Analyst Upgrades and Downgrades

Several analysts recently commented on MFC shares. Royal Bank of Canada raised 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 restated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One 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 company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target 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.