Wells Fargo & Company MN Cuts Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Wells Fargo & Company MN cut its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 9.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,598,807 shares of the financial services provider’s stock after selling 893,444 shares during the period. Wells Fargo & Company MN’s holdings in Manulife Financial were worth $264,069,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Crews Bank & Trust acquired a new position in Manulife Financial in the fourth quarter valued at $26,000. Lee Danner & Bass Inc. acquired a new position in shares of Manulife Financial in the 4th quarter valued at about $31,000. Stonebridge Financial Group LLC acquired a new position in shares of Manulife Financial in the 4th quarter valued at about $34,000. Golden State Wealth Management LLC purchased a new stake in shares of Manulife Financial during the 4th quarter worth about $35,000. Finally, CKW Financial Group acquired a new stake in Manulife Financial during the 4th quarter worth approximately $37,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Trading Down 9.3 %

Manulife Financial stock opened at $27.79 on Friday. The stock has a 50 day moving average of $30.16 and a 200-day moving average of $30.52. The stock has a market cap of $47.87 billion, a P/E ratio of 13.43, 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.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data 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 firm 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%. As a group, equities analysts predict that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid a dividend of $0.3094 per share. The ex-dividend date was Wednesday, March 5th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 4.45%. Manulife Financial’s dividend payout ratio (DPR) is 58.45%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on MFC shares. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. Royal Bank of Canada upped their price target on Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. 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 company. Based on data from MarketBeat.com, Manulife Financial has a consensus rating of “Buy” and an average price target of $45.50.

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.