Truist Financial Corp Has $2.96 Million Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Truist Financial Corp cut its holdings in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 13.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 96,517 shares of the financial services provider's stock after selling 14,877 shares during the period. Truist Financial Corp's holdings in Manulife Financial were worth $2,964,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in MFC. Brooklyn Investment Group acquired a new stake in Manulife Financial during the third quarter worth about $26,000. Crews Bank & Trust acquired a new stake in Manulife Financial during the fourth quarter valued at approximately $26,000. Capital Performance Advisors LLP acquired a new stake in Manulife Financial during the third quarter valued at approximately $30,000. Fortitude Family Office LLC acquired a new stake in Manulife Financial during the third quarter valued at approximately $31,000. Finally, Stonebridge Financial Group LLC acquired a new stake in Manulife Financial during the fourth quarter valued at approximately $34,000. 52.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on MFC. Royal Bank of Canada lifted their price objective on Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a report on Friday, February 21st. Scotiabank reaffirmed an "outperform" rating on shares of Manulife Financial in a report on Monday, February 3rd. One investment 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.com, the stock currently has an average rating of "Buy" and an average price target of $45.50.

Manulife Financial Trading Up 1.2 %

NYSE MFC traded up $0.38 during trading hours on Friday, reaching $31.15. 2,821,325 shares of the company's stock were exchanged, compared to its average volume of 2,169,816. The stock has a market cap of $53.67 billion, a PE ratio of 15.05, a price-to-earnings-growth ratio of 1.11 and a beta of 1.09. Manulife Financial Co. has a one year low of $22.61 and a one year high of $33.07. The firm has a fifty day moving average of $30.35 and a 200-day moving average of $29.96.

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 EPS for the quarter, topping analysts' consensus estimates of $0.67 by $0.07. The business had revenue of $9.31 billion for the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. As a group, research analysts forecast that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a dividend of $0.3094 per share. The ex-dividend date of this dividend 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 3.97%. 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.