Sterling Capital Management LLC Lowers Position in Manulife Financial Co. (NYSE:MFC)

Sterling Capital Management LLC lessened its position in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 21.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 56,833 shares of the financial services provider's stock after selling 15,759 shares during the period. Sterling Capital Management LLC's holdings in Manulife Financial were worth $1,745,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. FIL Ltd grew its stake in shares of Manulife Financial by 21.7% during the fourth quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider's stock worth $1,216,880,000 after purchasing an additional 7,053,066 shares in the last quarter. TD Asset Management Inc. boosted its position in shares of Manulife Financial by 0.7% during the 4th quarter. TD Asset Management Inc. now owns 34,803,859 shares of the financial services provider's stock worth $1,068,654,000 after acquiring an additional 228,863 shares in the last quarter. Norges Bank purchased a new position in shares of Manulife Financial in the 4th quarter valued at about $654,751,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Manulife Financial by 1.7% during the 4th 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 acquiring an additional 190,738 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Manulife Financial by 28.7% during the fourth 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. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on MFC. Royal Bank of Canada increased their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a research note on Monday, February 3rd. 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. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $45.50.

Manulife Financial Stock Up 0.0 %

MFC traded up $0.01 during trading on Friday, hitting $28.60. 1,914,254 shares of the stock were exchanged, compared to its average volume of 2,244,588. Manulife Financial Co. has a 1-year low of $22.96 and a 1-year high of $33.07. The stock has a fifty day moving average price of $29.73 and a two-hundred day moving average price of $30.43. The firm has a market capitalization of $49.14 billion, a P/E ratio of 13.82, a PEG ratio of 1.11 and a beta of 0.89.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, beating analysts' consensus estimates of $0.67 by $0.07. The business had revenue of $9.31 billion for the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. Analysts predict that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were paid a dividend of $0.3094 per share. This is an increase from Manulife Financial's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 4.33%. Manulife Financial's dividend 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.