Bank of Nova Scotia Has $400.93 Million Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Bank of Nova Scotia cut its holdings in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 20.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,053,016 shares of the financial services provider's stock after selling 3,376,670 shares during the period. Manulife Financial accounts for approximately 0.7% of Bank of Nova Scotia's portfolio, making the stock its 25th biggest holding. Bank of Nova Scotia owned 0.76% of Manulife Financial worth $400,933,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. FIL Ltd grew its holdings in Manulife Financial by 21.7% in the 4th quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider's stock valued at $1,216,880,000 after buying an additional 7,053,066 shares during the last quarter. TD Asset Management Inc. boosted its position in shares of Manulife Financial by 0.7% in the fourth quarter. TD Asset Management Inc. now owns 34,803,859 shares of the financial services provider's stock valued at $1,068,654,000 after acquiring an additional 228,863 shares during the period. Norges Bank acquired a new stake in shares of Manulife Financial in the fourth quarter worth $654,751,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Manulife Financial by 1.7% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,334,413 shares of the financial services provider's stock worth $347,757,000 after acquiring an additional 190,738 shares during the period. Finally, Geode Capital Management LLC raised its stake in Manulife Financial by 28.7% during the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock valued at $333,291,000 after purchasing an additional 2,377,338 shares during the last quarter. Institutional investors and hedge funds own 52.56% of the company's stock.

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Manulife Financial Trading Up 2.7 %

MFC stock traded up $0.74 during midday trading on Friday, hitting $28.04. The stock had a trading volume of 4,106,230 shares, compared to its average volume of 2,242,692. Manulife Financial Co. has a 52 week low of $22.61 and a 52 week high of $33.07. The stock has a 50-day simple moving average of $29.85 and a 200 day simple moving average of $30.46. The firm has a market capitalization of $48.18 billion, a price-to-earnings ratio of 13.54, a P/E/G ratio of 1.11 and a beta of 0.89.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.67 by $0.07. The company had revenue of $9.31 billion during the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. On average, equities analysts forecast 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. Stockholders of record on Wednesday, March 5th were paid a $0.3094 dividend. This is a positive change from Manulife Financial's previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 4.41%. The ex-dividend date of this dividend was Wednesday, March 5th. Manulife Financial's dividend payout ratio is currently 58.45%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MFC shares. 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. Scotiabank reissued an "outperform" rating on shares of Manulife Financial in a research report on Monday, February 3rd. One equities research 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 stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $45.50.

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.