Beutel Goodman & Co Ltd. Sells 1,361,732 Shares of Manulife Financial Co. (NYSE:MFC)

Beutel Goodman & Co Ltd. cut its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 9.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,603,404 shares of the financial services provider’s stock after selling 1,361,732 shares during the quarter. Manulife Financial accounts for 2.1% of Beutel Goodman & Co Ltd.’s holdings, making the stock its 14th largest position. Beutel Goodman & Co Ltd.’s holdings in Manulife Financial were worth $386,987,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cerity Partners LLC raised its position in Manulife Financial by 31.1% during the 3rd quarter. Cerity Partners LLC now owns 126,138 shares of the financial services provider’s stock worth $3,727,000 after purchasing an additional 29,918 shares during the last quarter. Private Trust Co. NA boosted its holdings in Manulife Financial by 31.9% during the third quarter. Private Trust Co. NA now owns 4,547 shares of the financial services provider’s stock worth $134,000 after purchasing an additional 1,100 shares during the last quarter. FMR LLC boosted its holdings in shares of Manulife Financial by 1.2% in the 3rd quarter. FMR LLC now owns 396,027 shares of the financial services provider’s stock worth $11,704,000 after buying an additional 4,586 shares during the last quarter. Brooklyn Investment Group purchased a new stake in Manulife Financial in the third quarter worth $26,000. Finally, BNP Paribas Financial Markets boosted its holdings in Manulife Financial by 16.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 50,381 shares of the financial services provider’s stock worth $1,489,000 after buying an additional 6,938 shares during the period. Institutional investors own 52.56% of the company’s stock.

Analyst Ratings Changes

MFC has been the topic of several recent analyst reports. Royal Bank of Canada raised their price target on Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a 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 issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Manulife Financial presently has a consensus rating of “Buy” and a consensus target price of $45.50.

Manulife Financial Trading Down 1.1 %

Shares of MFC stock opened at $30.77 on Friday. The stock has a market capitalization of $53.01 billion, a P/E ratio of 14.87, a P/E/G ratio of 1.11 and a beta of 1.05. The firm’s 50 day moving average is $30.14 and its 200 day moving average is $30.40. Manulife Financial Co. has a 12-month low of $22.61 and a 12-month high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share 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. As a group, equities analysts predict that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a $0.3094 dividend. This represents a $1.24 annualized dividend and a yield of 4.02%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Wednesday, March 5th. Manulife Financial’s 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.