Manulife Financial Co. (NYSE:MFC) Shares Sold by Lincluden Management Ltd.

Lincluden Management Ltd. reduced its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 7.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,611,640 shares of the financial services provider’s stock after selling 122,416 shares during the quarter. Manulife Financial makes up 4.3% of Lincluden Management Ltd.’s investment portfolio, making the stock its 9th biggest holding. Lincluden Management Ltd. owned about 0.09% of Manulife Financial worth $35,609,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in MFC. Blue Trust Inc. lifted its holdings in shares of Manulife Financial by 5.7% in the 4th quarter. Blue Trust Inc. now owns 10,465 shares of the financial services provider’s stock valued at $231,000 after purchasing an additional 568 shares during the last quarter. First Affirmative Financial Network lifted its holdings in shares of Manulife Financial by 6.0% in the 4th quarter. First Affirmative Financial Network now owns 10,604 shares of the financial services provider’s stock valued at $234,000 after purchasing an additional 600 shares during the last quarter. Advisor Partners II LLC lifted its holdings in shares of Manulife Financial by 1.9% in the 3rd quarter. Advisor Partners II LLC now owns 32,217 shares of the financial services provider’s stock valued at $589,000 after purchasing an additional 610 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Manulife Financial by 13.4% in the 4th quarter. First Horizon Advisors Inc. now owns 5,425 shares of the financial services provider’s stock valued at $120,000 after purchasing an additional 641 shares during the last quarter. Finally, Clearstead Advisors LLC lifted its holdings in shares of Manulife Financial by 35.6% in the 3rd quarter. Clearstead Advisors LLC now owns 2,535 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 665 shares during the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Stock Up 1.2 %

MFC traded up $0.32 on Friday, hitting $26.05. 8,938,026 shares of the company traded hands, compared to its average volume of 2,597,396. The company has a 50 day moving average of $24.03 and a 200-day moving average of $22.04. The stock has a market capitalization of $46.78 billion, a PE ratio of 15.15, a PEG ratio of 0.95 and a beta of 1.08. Manulife Financial Co. has a 12-month low of $17.07 and a 12-month high of $26.16.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.05. Manulife Financial had a return on equity of 16.41% and a net margin of 9.28%. The company had revenue of $10.96 billion for the quarter, compared to analysts’ expectations of $7.57 billion. On average, research analysts anticipate that Manulife Financial Co. will post 2.7 EPS for the current year.

Manulife Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.45%. The ex-dividend date is Tuesday, May 21st. Manulife Financial’s payout ratio is 69.19%.

Analysts Set New Price Targets

MFC has been the subject of several research reports. BMO Capital Markets raised Manulife Financial from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $31.00 to $35.00 in a report on Thursday, February 15th. National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday. Desjardins raised Manulife Financial from a “hold” rating to a “buy” rating in a research note on Thursday, February 15th. Finally, Jefferies Financial Group started coverage on Manulife Financial in a research note on Thursday, February 22nd. They set a “buy” rating for the company. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $33.33.

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.