Gulf International Bank UK Ltd Decreases Stake in Manulife Financial Co. (NYSE:MFC)

Gulf International Bank UK Ltd reduced its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 32.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,647 shares of the financial services provider’s stock after selling 1,775 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Manulife Financial were worth $111,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of MFC. Franklin Resources Inc. raised its position in Manulife Financial by 16.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider’s stock worth $61,426,000 after buying an additional 279,418 shares during the last quarter. Sanctuary Advisors LLC raised its position in Manulife Financial by 148.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 73,346 shares of the financial services provider’s stock worth $2,382,000 after buying an additional 43,877 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc raised its position in Manulife Financial by 14.9% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider’s stock worth $2,719,000 after buying an additional 11,509 shares during the last quarter. Teachers Retirement System of The State of Kentucky purchased a new position in Manulife Financial during the 3rd quarter worth approximately $13,318,000. Finally, DRW Securities LLC purchased a new position in Manulife Financial during the 3rd quarter worth approximately $1,008,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on MFC. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. Royal Bank of Canada raised their price target 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 analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $45.50.

Manulife Financial Stock Performance

Manulife Financial stock opened at $31.15 on Monday. The company’s fifty day moving average price is $30.35 and its 200 day moving average price is $30.02. Manulife Financial Co. has a 1 year low of $22.61 and a 1 year high of $33.07. The stock has a market capitalization of $53.67 billion, a P/E ratio of 15.05, a P/E/G ratio of 1.11 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results 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. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The firm had revenue of $9.31 billion for the quarter. Sell-side analysts predict that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be paid a $0.3094 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 3.97%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio (DPR) is currently 58.45%.

About Manulife Financial

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.