Oppenheimer Asset Management Inc. Sells 33,646 Shares of Manulife Financial Co. (NYSE:MFC)

Oppenheimer Asset Management Inc. lowered its holdings in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 16.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 165,956 shares of the financial services provider's stock after selling 33,646 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Manulife Financial were worth $5,097,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Crews Bank & Trust purchased a new position in shares of Manulife Financial in the 4th quarter worth approximately $26,000. Brooklyn Investment Group purchased a new position in Manulife Financial during the third quarter worth $26,000. Capital Performance Advisors LLP purchased a new position in Manulife Financial during the third quarter worth $30,000. Stonebridge Financial Group LLC bought a new position in Manulife Financial during the fourth quarter valued at $34,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Manulife Financial in the fourth quarter valued at $35,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Trading Down 3.6 %

Shares of NYSE MFC traded down $1.11 during mid-day trading on Tuesday, reaching $29.51. The company had a trading volume of 7,035,600 shares, compared to its average volume of 2,015,393. Manulife Financial Co. has a 52 week low of $22.61 and a 52 week high of $33.07. The business's 50-day moving average is $30.35 and its 200-day moving average is $30.05. The stock has a market cap of $50.86 billion, a price-to-earnings ratio of 14.26, a price-to-earnings-growth ratio of 1.11 and a beta of 1.05.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The business had revenue of $9.31 billion for the quarter. As a group, equities research 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 will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be paid a $0.3094 dividend. The ex-dividend date is Wednesday, March 5th. This is a positive change from Manulife Financial's previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 4.19%. Manulife Financial's dividend payout ratio is 58.45%.

Analysts Set New Price Targets

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