United Services Automobile Association Sells 1,666 Shares of Manulife Financial Co. (NYSE:MFC)

United Services Automobile Association lessened its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 2.7% during the fourth quarter, Holdings Channel reports. The firm owned 59,529 shares of the financial services provider’s stock after selling 1,666 shares during the quarter. United Services Automobile Association’s holdings in Manulife Financial were worth $1,828,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Brooklyn Investment Group purchased a new position in shares of Manulife Financial during the third quarter valued at approximately $26,000. Crews Bank & Trust purchased a new stake in shares of Manulife Financial in the 4th quarter worth about $26,000. Lee Danner & Bass Inc. bought a new stake in shares of Manulife Financial during the 4th quarter valued at about $31,000. Stonebridge Financial Group LLC purchased a new position in shares of Manulife Financial during the fourth quarter valued at about $34,000. Finally, Golden State Wealth Management LLC bought a new position in Manulife Financial in the fourth quarter worth about $35,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

Shares of NYSE MFC opened at $30.45 on Monday. The stock has a market cap of $52.45 billion, a P/E ratio of 14.71, a price-to-earnings-growth ratio of 1.11 and a beta of 1.05. Manulife Financial Co. has a 1 year low of $22.61 and a 1 year high of $33.07. The firm has a 50-day moving average of $30.05 and a 200 day moving average of $30.31.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, topping analysts’ consensus estimates 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%. Research analysts expect that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a $0.3094 dividend. This represents a $1.24 annualized dividend and a yield of 4.06%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Wednesday, March 5th. Manulife Financial’s payout ratio is 58.45%.

Wall Street Analyst Weigh In

Several research firms have weighed in on MFC. Royal Bank of Canada lifted their price objective on 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 research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average 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.