Investment Management Corp of Ontario Lowers Holdings in Manulife Financial Co. (NYSE:MFC)

Investment Management Corp of Ontario decreased its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 13.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 68,395 shares of the financial services provider’s stock after selling 10,500 shares during the quarter. Investment Management Corp of Ontario’s holdings in Manulife Financial were worth $2,100,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MFC. Crews Bank & Trust purchased a new position in shares of Manulife Financial in the fourth quarter valued at approximately $26,000. Lee Danner & Bass Inc. purchased a new position in shares of Manulife Financial in the fourth quarter valued at approximately $31,000. Stonebridge Financial Group LLC purchased a new position in shares of Manulife Financial in the fourth quarter valued at approximately $34,000. Golden State Wealth Management LLC purchased a new position in shares of Manulife Financial in the fourth quarter valued at approximately $35,000. Finally, CKW Financial Group purchased a new position in shares of Manulife Financial in the fourth quarter valued at approximately $37,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Analysts Set New Price Targets

MFC has been the subject of a number of recent research reports. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. Royal Bank of Canada lifted their price target 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 research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $45.50.

Manulife Financial Stock Down 0.8%

Shares of Manulife Financial stock opened at $30.90 on Monday. Manulife Financial Co. has a 52-week low of $23.30 and a 52-week high of $33.07. The company has a 50 day moving average of $29.82 and a 200 day moving average of $30.47. The company has a market capitalization of $52.92 billion, a P/E ratio of 14.93, a P/E/G ratio of 1.11 and a beta of 1.00.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. The firm had revenue of $1.49 billion during the quarter. During the same period in the prior year, the company earned $0.94 EPS. As a group, research analysts anticipate that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st will be issued a dividend of $0.3194 per share. The ex-dividend date is Wednesday, May 21st. This represents a $1.28 dividend on an annualized basis and a yield of 4.13%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.31. Manulife Financial’s dividend payout ratio (DPR) is presently 63.35%.

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.