Scotia Capital Inc. Reduces Holdings in Manulife Financial Co. (NYSE:MFC)

Scotia Capital Inc. trimmed its position in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 4.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,829,993 shares of the financial services provider's stock after selling 493,904 shares during the period. Manulife Financial accounts for 1.8% of Scotia Capital Inc.'s portfolio, making the stock its 17th largest holding. Scotia Capital Inc. owned 0.63% of Manulife Financial worth $332,354,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. FMR LLC lifted its position in shares of Manulife Financial by 1.2% in the third quarter. FMR LLC now owns 396,027 shares of the financial services provider's stock valued at $11,704,000 after acquiring an additional 4,586 shares in the last quarter. Stifel Financial Corp raised its stake in Manulife Financial by 0.6% during the 3rd quarter. Stifel Financial Corp now owns 148,683 shares of the financial services provider's stock valued at $4,394,000 after purchasing an additional 859 shares during the period. Wellington Management Group LLP lifted its holdings in Manulife Financial by 131.2% in the 3rd quarter. Wellington Management Group LLP now owns 644,602 shares of the financial services provider's stock worth $19,072,000 after purchasing an additional 365,761 shares in the last quarter. Orion Portfolio Solutions LLC boosted its stake in Manulife Financial by 26.3% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 45,975 shares of the financial services provider's stock worth $1,359,000 after purchasing an additional 9,582 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in Manulife Financial during the 3rd quarter valued at approximately $7,007,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

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Wall Street Analysts Forecast Growth

MFC has been the topic of several research analyst reports. Royal Bank of Canada boosted their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a research note on Monday, February 3rd. One equities research 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 company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $45.50.

Manulife Financial Stock Performance

Shares of MFC traded up $0.10 during mid-day trading on Tuesday, hitting $28.86. 515,876 shares of the stock were exchanged, compared to its average volume of 2,237,773. The company has a market cap of $49.59 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 1.11 and a beta of 0.89. Manulife Financial Co. has a 52-week low of $22.61 and a 52-week high of $33.07. The firm has a 50-day moving average of $29.83 and a two-hundred day moving average of $30.46.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating 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 company had revenue of $9.31 billion for the quarter. On average, sell-side analysts predict that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a $0.3094 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $1.24 annualized dividend and a yield of 4.29%. This is a positive change from Manulife Financial's previous quarterly dividend of $0.30. Manulife Financial's dividend payout ratio (DPR) is currently 58.45%.

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.