Manulife Financial Co. (NYSE:MFC) Stake Reduced by Barometer Capital Management Inc.

Barometer Capital Management Inc. cut its holdings in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 9.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 125,674 shares of the financial services provider's stock after selling 13,002 shares during the quarter. Manulife Financial makes up about 1.6% of Barometer Capital Management Inc.'s holdings, making the stock its 21st biggest holding. Barometer Capital Management Inc.'s holdings in Manulife Financial were worth $3,859,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MFC. Crews Bank & Trust purchased a new stake in Manulife Financial during the fourth quarter valued at approximately $26,000. Lee Danner & Bass Inc. bought a new stake in Manulife Financial in the fourth quarter worth $31,000. Stonebridge Financial Group LLC purchased a new stake in Manulife Financial in the fourth quarter worth $34,000. Golden State Wealth Management LLC purchased a new position in Manulife Financial during the 4th quarter valued at about $35,000. Finally, CKW Financial Group purchased a new stake in shares of Manulife Financial during the fourth quarter valued at about $37,000. 52.56% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MFC shares. Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a research report on Monday, February 3rd. Royal Bank of Canada increased their target price 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 investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $45.50.

Remove Ads

Manulife Financial Price Performance

Shares of MFC stock traded up $0.63 during trading hours on Monday, reaching $28.67. 418,859 shares of the company's stock were exchanged, compared to its average volume of 2,439,593. The company's 50 day moving average is $29.85 and its two-hundred day moving average is $30.46. Manulife Financial Co. has a 1 year low of $22.61 and a 1 year high of $33.07. The company has a market cap of $49.26 billion, a P/E ratio of 13.85, a price-to-earnings-growth ratio of 1.11 and a beta of 0.89.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued 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 company had revenue of $9.31 billion during the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. As a group, analysts predict that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.3094 per share. This represents a $1.24 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date of this dividend was Wednesday, March 5th. This is a positive change 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.