Prudential PLC Trims Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Prudential PLC lowered its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 28.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,955 shares of the financial services provider’s stock after selling 18,179 shares during the quarter. Prudential PLC’s holdings in Manulife Financial were worth $1,410,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Crews Bank & Trust bought a new stake in Manulife Financial during the fourth quarter worth about $26,000. Lee Danner & Bass Inc. bought 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 shares of Manulife Financial during the fourth quarter valued at approximately $34,000. Golden State Wealth Management LLC purchased a new position in Manulife Financial in the 4th quarter worth approximately $35,000. Finally, CKW Financial Group bought a new position in Manulife Financial in the 4th quarter valued at approximately $37,000. Institutional investors own 52.56% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MFC. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada lifted their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $45.50.

Manulife Financial Stock Performance

Manulife Financial stock opened at $27.79 on Monday. Manulife Financial Co. has a one year low of $22.61 and a one year high of $33.07. The stock has a fifty day moving average of $30.16 and a 200 day moving average of $30.53. The stock has a market cap of $47.87 billion, a PE ratio of 13.43, a price-to-earnings-growth ratio of 1.11 and a beta of 0.89.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, beating the consensus estimate 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 during the quarter. As a group, sell-side analysts predict that Manulife Financial Co. will post 2.87 EPS for the current fiscal 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 paid 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 4.45%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio (DPR) is 58.45%.

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.