Wedbush Securities Inc. Trims Stake in Manulife Financial Co. (NYSE:MFC)

Wedbush Securities Inc. lowered its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 9.8% during the 4th quarter, HoldingsChannel reports. The firm owned 22,031 shares of the financial services provider’s stock after selling 2,404 shares during the period. Wedbush Securities Inc.’s holdings in Manulife Financial were worth $677,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Thoroughbred Financial Services LLC bought a new position in Manulife Financial in the 4th quarter worth about $448,000. World Investment Advisors grew its holdings in shares of Manulife Financial by 23.3% during the fourth quarter. World Investment Advisors now owns 15,223 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 2,872 shares in the last quarter. Huntington National Bank increased its position in shares of Manulife Financial by 8.9% in the fourth quarter. Huntington National Bank now owns 26,021 shares of the financial services provider’s stock worth $799,000 after purchasing an additional 2,117 shares during the last quarter. Geode Capital Management LLC raised its stake in Manulife Financial by 28.7% in the fourth quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider’s stock valued at $333,291,000 after purchasing an additional 2,377,338 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in Manulife Financial by 8.1% in the fourth quarter. Franklin Resources Inc. now owns 2,148,426 shares of the financial services provider’s stock valued at $65,920,000 after purchasing an additional 160,226 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada upped their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $45.50.

Manulife Financial Price Performance

Shares of MFC opened at $27.41 on Tuesday. The firm has a market cap of $47.22 billion, a P/E ratio of 13.24, a P/E/G ratio of 1.11 and a beta of 0.89. Manulife Financial Co. has a 1 year low of $22.61 and a 1 year high of $33.07. The stock has a 50 day simple moving average of $30.10 and a two-hundred day simple moving average of $30.52.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.07. The company 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%. On average, equities analysts anticipate that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a $0.3094 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 4.51%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s payout ratio is currently 58.45%.

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.