Sienna Gestion Sells 335,400 Shares of Manulife Financial Co. (NYSE:MFC)

Sienna Gestion reduced its stake in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 67.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 159,939 shares of the financial services provider's stock after selling 335,400 shares during the quarter. Sienna Gestion's holdings in Manulife Financial were worth $4,911,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of MFC. Entropy Technologies LP acquired a new position in shares of Manulife Financial during the 3rd quarter worth about $1,352,000. Prime Capital Investment Advisors LLC acquired a new position in shares of Manulife Financial in the 3rd quarter valued at approximately $203,000. Oppenheimer & Co. Inc. grew its position in shares of Manulife Financial by 4.8% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 56,661 shares of the financial services provider's stock valued at $1,674,000 after purchasing an additional 2,612 shares during the period. Plato Investment Management Ltd acquired a new position in shares of Manulife Financial in the 3rd quarter valued at approximately $373,000. Finally, Huntington National Bank grew its position in shares of Manulife Financial by 4.0% in the 3rd quarter. Huntington National Bank now owns 23,904 shares of the financial services provider's stock valued at $706,000 after purchasing an additional 922 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MFC shares. Royal Bank of Canada boosted their price objective on Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Scotiabank reiterated 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. According to data from MarketBeat, Manulife Financial currently has an average rating of "Buy" and an average price target of $45.50.

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Manulife Financial Price Performance

NYSE:MFC traded down $0.08 during trading hours on Tuesday, reaching $30.02. 1,209,180 shares of the stock were exchanged, compared to its average volume of 1,968,005. Manulife Financial Co. has a twelve month low of $22.61 and a twelve month high of $33.07. The firm has a 50 day moving average of $30.06 and a 200 day moving average of $30.23. The stock has a market cap of $51.70 billion, a PE ratio of 14.50, a PEG ratio of 1.11 and a beta of 1.05.

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 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. Equities research analysts anticipate 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. Shareholders 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 dividend on an annualized basis and a yield of 4.12%. This is an increase from Manulife Financial's previous quarterly dividend of $0.30. Manulife Financial's dividend payout ratio is 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.