Scheer Rowlett & Associates Investment Management Ltd. Sells 69,540 Shares of Manulife Financial Co. (NYSE:MFC)

Scheer Rowlett & Associates Investment Management Ltd. lessened its position in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 5.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,312,537 shares of the financial services provider's stock after selling 69,540 shares during the quarter. Manulife Financial accounts for approximately 2.9% of Scheer Rowlett & Associates Investment Management Ltd.'s portfolio, making the stock its 16th largest holding. Scheer Rowlett & Associates Investment Management Ltd. owned about 0.08% of Manulife Financial worth $40,271,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brooklyn Investment Group purchased a new stake in shares of Manulife Financial during the third quarter worth about $26,000. Crews Bank & Trust purchased a new stake in shares of Manulife Financial during the fourth quarter worth about $26,000. Capital Performance Advisors LLP purchased a new stake in shares of Manulife Financial during the third quarter worth about $30,000. Stonebridge Financial Group LLC purchased a new stake in shares of Manulife Financial during the fourth quarter worth about $34,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Manulife Financial during the fourth quarter worth about $35,000. 52.56% of the stock is owned by institutional investors.

Manulife Financial Stock Performance

Shares of MFC traded up $0.67 on Wednesday, hitting $29.27. 1,628,863 shares of the stock traded hands, compared to its average volume of 1,978,152. The company has a market capitalization of $50.43 billion, a PE ratio of 14.14, a P/E/G ratio of 1.11 and a beta of 1.05. The business has a 50 day simple moving average of $30.17 and a 200 day simple moving average of $30.18. Manulife Financial Co. has a one year low of $22.61 and a one year high of $33.07.

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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 the consensus estimate 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 expect that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a dividend of $0.3094 per share. The ex-dividend date is Wednesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 4.23%. This is an increase from Manulife Financial's previous quarterly dividend of $0.30. Manulife Financial's dividend payout ratio (DPR) is 58.45%.

Analysts Set New Price Targets

MFC has been the subject of several research analyst reports. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada lifted their target price 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 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, Manulife Financial currently 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.