Kovack Advisors Inc. Sells 3,779 Shares of Manulife Financial Co. (NYSE:MFC)

Kovack Advisors Inc. reduced its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 14.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 22,647 shares of the financial services provider’s stock after selling 3,779 shares during the quarter. Kovack Advisors Inc.’s holdings in Manulife Financial were worth $695,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Mn Services Vermogensbeheer B.V. lifted its stake in Manulife Financial by 1.9% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 713,637 shares of the financial services provider’s stock worth $21,912,000 after purchasing an additional 13,200 shares during the last quarter. K.J. Harrison & Partners Inc raised its holdings in shares of Manulife Financial by 173.8% during the 4th quarter. K.J. Harrison & Partners Inc now owns 48,130 shares of the financial services provider’s stock valued at $1,467,000 after buying an additional 30,554 shares in the last quarter. Todd Asset Management LLC lifted its position in Manulife Financial by 34.4% in the 4th quarter. Todd Asset Management LLC now owns 982,237 shares of the financial services provider’s stock worth $30,164,000 after buying an additional 251,356 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Manulife Financial by 4.7% in the fourth quarter. Bank of New York Mellon Corp now owns 1,809,774 shares of the financial services provider’s stock worth $55,578,000 after buying an additional 81,799 shares in the last quarter. Finally, Addison Advisors LLC grew its position in Manulife Financial by 45.9% during the fourth quarter. Addison Advisors LLC now owns 1,428 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 449 shares during the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MFC. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada upped their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Manulife Financial currently has a consensus rating of “Buy” and a consensus price target of $45.50.

Manulife Financial Stock Performance

Shares of MFC stock opened at $30.77 on Friday. The company has a market capitalization of $53.02 billion, a P/E ratio of 14.86, a PEG ratio of 1.11 and a beta of 1.09. Manulife Financial Co. has a fifty-two week low of $22.61 and a fifty-two week high of $33.07. The stock has a 50 day moving average price of $30.34 and a two-hundred day moving average price of $29.92.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly 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 company had revenue of $9.31 billion during 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 year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be paid a dividend of $0.3094 per share. This represents a $1.24 annualized dividend and a dividend yield of 4.02%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, March 5th. 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.