Manulife Financial Co. (NYSE:MFC) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN reduced its stake in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 9.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,598,807 shares of the financial services provider's stock after selling 893,444 shares during the quarter. Wells Fargo & Company MN owned about 0.50% of Manulife Financial worth $264,069,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of MFC. TD Asset Management Inc. increased its position in 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 worth $1,068,654,000 after purchasing an additional 228,863 shares during the last quarter. National Bank of Canada FI raised its position in Manulife Financial by 13.5% during the 3rd 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. Norges Bank bought a new stake in shares of Manulife Financial in the 4th quarter valued at about $654,751,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings 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 buying an additional 190,738 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of 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 worth $333,291,000 after purchasing an additional 2,377,338 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

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Wall Street Analyst Weigh In

Several analysts have weighed in on MFC shares. Scotiabank reissued an "outperform" rating on shares of Manulife Financial in a research report on Monday, February 3rd. Royal Bank of Canada boosted their price objective on Manulife Financial from $49.00 to $51.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Manulife Financial has a consensus rating of "Buy" and an average price target of $45.50.

Manulife Financial Trading Up 2.7 %

NYSE:MFC traded up $0.74 during trading hours on Friday, hitting $28.04. The company had a trading volume of 4,106,230 shares, compared to its average volume of 2,244,397. Manulife Financial Co. has a 1 year low of $22.61 and a 1 year high of $33.07. The company has a 50-day moving average of $29.85 and a 200 day moving average of $30.46. The company has a market cap of $48.30 billion, a P/E 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 issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.67 by $0.07. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. The firm had revenue of $9.31 billion during the quarter. On average, analysts forecast that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a $0.3094 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.41%. This is a boost from Manulife Financial's previous quarterly dividend of $0.30. Manulife Financial's payout ratio is 58.45%.

About Manulife Financial

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.