Manulife Financial Co. (NYSE:MFC) Shares Sold by Bank of Nova Scotia Trust Co.

Bank of Nova Scotia Trust Co. cut its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.4% in 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 accounts for about 2.6% of Bank of Nova Scotia Trust Co.’s portfolio, making the stock its 9th biggest position. Bank of Nova Scotia Trust Co.’s holdings in Manulife Financial were worth $24,682,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Norges Bank bought a new position in Manulife Financial during the 4th quarter valued at $654,751,000. FIL Ltd lifted its position in shares of Manulife Financial by 21.7% during the fourth quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider’s stock valued at $1,216,880,000 after purchasing an additional 7,053,066 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Manulife Financial by 28.7% during the fourth quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider’s stock worth $333,291,000 after purchasing an additional 2,377,338 shares during the last quarter. Canada Pension Plan Investment Board grew its position in Manulife Financial by 42.1% in the 4th quarter. Canada Pension Plan Investment Board now owns 7,427,745 shares of the financial services provider’s stock worth $227,895,000 after purchasing an additional 2,200,000 shares in the last quarter. Finally, Hillsdale Investment Management Inc. increased its stake in Manulife Financial by 216.0% in the 4th quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider’s stock valued at $78,110,000 after buying an additional 1,739,853 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Up 0.0 %

Shares of MFC stock opened at $28.60 on Friday. Manulife Financial Co. has a 12 month low of $22.88 and a 12 month high of $33.07. The stock has a market capitalization of $49.14 billion, a P/E ratio of 13.82, a PEG ratio of 1.11 and a beta of 0.89. The firm’s 50 day moving average is $29.73 and its 200 day moving average is $30.42.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced 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 for the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. On average, equities analysts predict that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MFC shares. Royal Bank of Canada upped their target price on Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $45.50.

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.