Bank of Nova Scotia Trust Co. Has $24.68 Million Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Bank of Nova Scotia Trust Co. decreased its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 803,715 shares of the financial services provider’s stock after selling 11,111 shares during the quarter. Manulife Financial makes up 2.6% of Bank of Nova Scotia Trust Co.’s investment portfolio, making the stock its 9th biggest holding. Bank of Nova Scotia Trust Co.’s holdings in Manulife Financial were worth $24,682,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Crews Bank & Trust bought a new stake in shares of Manulife Financial in the 4th quarter valued at about $26,000. Lee Danner & Bass Inc. acquired a new position in shares of Manulife Financial in the fourth quarter worth approximately $31,000. Stonebridge Financial Group LLC bought a new stake in Manulife Financial in the fourth quarter valued at approximately $34,000. Golden State Wealth Management LLC acquired a new stake in Manulife Financial during the 4th quarter valued at approximately $35,000. Finally, CKW Financial Group bought a new position in Manulife Financial during the 4th quarter worth approximately $37,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Stock Up 0.0 %

Shares of MFC stock opened at $28.60 on Friday. Manulife Financial Co. has a 52 week low of $22.88 and a 52 week high of $33.07. The firm has a 50 day moving average of $29.73 and a 200-day moving average of $30.42. The company has a market cap of $49.14 billion, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 1.11 and a beta of 0.89.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, beating 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%. Analysts anticipate that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a $0.3094 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date of this dividend was Wednesday, March 5th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio (DPR) is 58.45%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Royal Bank of Canada upped their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Scotiabank reaffirmed 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 assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Manulife Financial has an average rating of “Buy” and a consensus 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.