Charles Schwab Investment Management Inc. Sells 43,387 Shares of Manulife Financial Co. (NYSE:MFC)

Charles Schwab Investment Management Inc. reduced its stake in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 0.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,143,543 shares of the financial services provider's stock after selling 43,387 shares during the period. Charles Schwab Investment Management Inc. owned 0.30% of Manulife Financial worth $157,937,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its stake in Manulife Financial by 40.8% during the third quarter. Farther Finance Advisors LLC now owns 3,328 shares of the financial services provider's stock worth $98,000 after buying an additional 964 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Manulife Financial during the third quarter valued at approximately $30,000. Leavell Investment Management Inc. acquired a new position in shares of Manulife Financial during the third quarter worth approximately $201,000. Assetmark Inc. lifted its holdings in shares of Manulife Financial by 0.5% in the 3rd quarter. Assetmark Inc. now owns 573,960 shares of the financial services provider's stock worth $16,961,000 after purchasing an additional 3,006 shares in the last quarter. Finally, Wealth Quarterback LLC acquired a new stake in Manulife Financial in the 3rd quarter valued at $211,000. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Price Performance

Shares of MFC stock traded up $0.12 on Tuesday, hitting $28.66. The stock had a trading volume of 1,958,912 shares, compared to its average volume of 2,431,936. The business has a 50 day moving average of $30.21 and a 200 day moving average of $30.16. Manulife Financial Co. has a 12-month low of $22.61 and a 12-month high of $33.07. The stock has a market cap of $49.38 billion, a price-to-earnings ratio of 13.84, a price-to-earnings-growth ratio of 1.11 and a beta of 1.05.

Remove Ads

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, topping 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%. As a group, research analysts expect that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be issued a $0.3094 dividend. This is an increase from Manulife Financial's previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date is Wednesday, March 5th. Manulife Financial's payout ratio is 58.45%.

Analysts Set New Price Targets

MFC has been the topic of a number of recent research reports. Scotiabank reaffirmed an "outperform" rating on shares of Manulife Financial in a research note on Monday, February 3rd. Royal Bank of Canada raised their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a research report 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. According to data from MarketBeat, Manulife Financial has a consensus 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.