Shell Asset Management Co. decreased its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 34.3% in the 4th quarter, Holdings Channel reports. The fund owned 324,808 shares of the financial services provider’s stock after selling 169,475 shares during the quarter. Shell Asset Management Co.’s holdings in Manulife Financial were worth $6,797,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Raymond James Financial Services Advisors Inc. raised its position in shares of Manulife Financial by 15.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 84,067 shares of the financial services provider’s stock valued at $1,576,000 after acquiring an additional 11,353 shares during the last quarter. Barometer Capital Management Inc. bought a new stake in shares of Manulife Financial during the 3rd quarter valued at $11,093,000. BB&T Corp raised its position in shares of Manulife Financial by 36.6% during the 3rd quarter. BB&T Corp now owns 54,202 shares of the financial services provider’s stock valued at $1,100,000 after acquiring an additional 14,525 shares during the last quarter. Becker Capital Management Inc. bought a new stake in shares of Manulife Financial during the 3rd quarter valued at $256,000. Finally, Cidel Asset Management Inc. increased its position in shares of Manulife Financial by 2.2% in the 3rd quarter. Cidel Asset Management Inc. now owns 5,435,551 shares of the financial services provider’s stock valued at $109,966,000 after buying an additional 115,880 shares in the last quarter. Institutional investors own 47.06% of the company’s stock.
Manulife Financial Co. (MFC) opened at $19.85 on Monday. The stock has a market capitalization of $39,351.32, a PE ratio of 11.54, a price-to-earnings-growth ratio of 1.01 and a beta of 1.28. Manulife Financial Co. has a 1-year low of $16.62 and a 1-year high of $22.16.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 19th. Stockholders of record on Wednesday, February 21st will be paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.53%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Tuesday, February 20th. Manulife Financial’s dividend payout ratio is currently 86.49%.
A number of analysts recently commented on MFC shares. Zacks Investment Research upgraded shares of Manulife Financial from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research report on Tuesday, January 2nd. National Bank Financial upgraded shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, January 24th. Finally, Scotiabank restated a “buy” rating and issued a $31.00 price objective on shares of Manulife Financial in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $26.67.
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Manulife Financial Company Profile
Manulife Financial Corporation (MFC) is a holding company of The Manufacturers Life Insurance Company (MLI), which is a life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), which is a reinsurance company. The Company operates as a financial services company with principal operations in Asia, Canada and the United States.
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