JARISLOWSKY FRASER Ltd Sells 571,139 Shares of Manulife Financial Co. (NYSE:MFC)

JARISLOWSKY FRASER Ltd decreased its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,160,979 shares of the financial services provider’s stock after selling 571,139 shares during the period. Manulife Financial accounts for 2.9% of JARISLOWSKY FRASER Ltd’s investment portfolio, making the stock its 10th largest holding. JARISLOWSKY FRASER Ltd owned about 0.94% of Manulife Financial worth $494,660,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Barclays PLC grew its holdings in shares of Manulife Financial by 60.1% during the third quarter. Barclays PLC now owns 741,764 shares of the financial services provider’s stock worth $21,919,000 after purchasing an additional 278,307 shares during the last quarter. ST Germain D J Co. Inc. grew its stake in Manulife Financial by 65.3% during the 4th quarter. ST Germain D J Co. Inc. now owns 4,547 shares of the financial services provider’s stock worth $140,000 after buying an additional 1,797 shares during the last quarter. Aprio Wealth Management LLC increased its position in Manulife Financial by 7.5% during the fourth quarter. Aprio Wealth Management LLC now owns 12,468 shares of the financial services provider’s stock worth $383,000 after buying an additional 873 shares during the period. JCIC Asset Management Inc. lifted its stake in Manulife Financial by 16.1% in the fourth quarter. JCIC Asset Management Inc. now owns 6,389 shares of the financial services provider’s stock valued at $196,000 after buying an additional 884 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Manulife Financial by 1,067.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 686,418 shares of the financial services provider’s stock valued at $21,080,000 after acquiring an additional 627,614 shares during the period. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Price Performance

Shares of NYSE MFC opened at $30.90 on Friday. The stock has a fifty day moving average price of $29.82 and a 200 day moving average price of $30.47. Manulife Financial Co. has a 1-year low of $23.30 and a 1-year high of $33.07. The company has a market cap of $52.92 billion, a PE 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 released its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate 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 previous year, the business earned $0.94 EPS. Analysts anticipate that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

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

Analysts Set New Price Targets

Several analysts recently commented on the stock. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. Royal Bank of Canada increased 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. One analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $45.50.

Manulife Financial Company 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.