Vanguard Group Inc. Sells 534,888 Shares of Manulife Financial Co. (NYSE:MFC)

Vanguard Group Inc. cut its stake in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 0.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 73,964,011 shares of the financial services provider's stock after selling 534,888 shares during the quarter. Vanguard Group Inc. owned 4.29% of Manulife Financial worth $2,272,248,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. National Bank of Canada FI increased its stake in Manulife Financial by 13.5% in the third quarter. National Bank of Canada FI now owns 28,063,936 shares of the financial services provider's stock valued at $829,374,000 after purchasing an additional 3,329,892 shares in the last quarter. Hillsdale Investment Management Inc. increased its position in shares of Manulife Financial by 216.0% in the 4th quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider's stock valued at $78,110,000 after buying an additional 1,739,853 shares in the last quarter. Bridgewater Associates LP raised its stake in Manulife Financial by 169.6% during the 3rd quarter. Bridgewater Associates LP now owns 1,404,481 shares of the financial services provider's stock worth $41,554,000 after buying an additional 883,624 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Manulife Financial by 1,067.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 686,418 shares of the financial services provider's stock worth $21,080,000 after acquiring an additional 627,614 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Manulife Financial by 8.1% in the third quarter. Geode Capital Management LLC now owns 8,273,260 shares of the financial services provider's stock valued at $247,473,000 after acquiring an additional 616,517 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

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Manulife Financial Stock Up 1.3 %

Shares of NYSE:MFC traded up $0.41 during mid-day trading on Monday, reaching $31.17. 1,793,895 shares of the stock were exchanged, compared to its average volume of 2,209,594. The company has a market cap of $53.69 billion, a P/E ratio of 15.06, a P/E/G ratio of 1.11 and a beta of 1.05. The stock's 50 day simple moving average is $30.15 and its 200-day simple moving average is $30.47. Manulife Financial Co. has a one year low of $22.61 and a one year high of $33.07.

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 (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The firm had revenue of $9.31 billion for the quarter. Analysts anticipate that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a dividend of $0.3094 per share. This represents a $1.24 annualized dividend and a yield of 3.97%. The ex-dividend date 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 is presently 58.45%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on MFC shares. Royal Bank of Canada raised their price target on Manulife Financial from $49.00 to $51.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a report on Monday, February 3rd. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Manulife Financial has an average rating of "Buy" and an average target price 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.