Beutel Goodman & Co Ltd. trimmed its holdings in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 9.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,603,404 shares of the financial services provider's stock after selling 1,361,732 shares during the quarter. Manulife Financial accounts for 2.1% of Beutel Goodman & Co Ltd.'s portfolio, making the stock its 14th largest holding. Beutel Goodman & Co Ltd. owned approximately 0.73% of Manulife Financial worth $386,987,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Brooklyn Investment Group bought a new stake in Manulife Financial in the 3rd quarter valued at $26,000. Crews Bank & Trust bought a new stake in shares of Manulife Financial in the fourth quarter valued at about $26,000. Lee Danner & Bass Inc. acquired a new stake in Manulife Financial during the fourth quarter worth about $31,000. Stonebridge Financial Group LLC acquired a new position in Manulife Financial in the 4th quarter valued at approximately $34,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Manulife Financial in the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 52.56% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently commented on MFC. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a research note on Monday, February 3rd. Royal Bank of Canada boosted their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a report on Friday, February 21st. One investment 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. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $45.50.
View Our Latest Analysis on MFC
Manulife Financial Stock Performance
Shares of MFC stock traded up $0.41 during trading hours on Monday, hitting $31.17. The company had a trading volume of 1,793,895 shares, compared to its average volume of 2,209,594. The firm has a market capitalization of $53.69 billion, a price-to-earnings ratio of 15.06, a PEG ratio of 1.11 and a beta of 1.05. Manulife Financial Co. has a 12 month low of $22.61 and a 12 month high of $33.07. The firm's fifty day moving average is $30.14 and its 200 day moving average is $30.44.
Manulife Financial (NYSE:MFC - Get Free Report) 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 analysts' consensus estimates 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, sell-side analysts expect that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.
Manulife Financial Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a dividend of $0.3094 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend 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 58.45%.
Manulife Financial Company Profile
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Free Report)
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.
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