Assetmark Inc. Sells 1,903 Shares of Manulife Financial Co. (NYSE:MFC)

Assetmark Inc. cut its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 0.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 572,057 shares of the financial services provider’s stock after selling 1,903 shares during the period. Assetmark Inc.’s holdings in Manulife Financial were worth $17,568,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Baron Wealth Management LLC boosted its holdings in Manulife Financial by 2.3% in the third quarter. Baron Wealth Management LLC now owns 14,400 shares of the financial services provider’s stock valued at $426,000 after acquiring an additional 330 shares during the last quarter. Little House Capital LLC boosted its holdings in shares of Manulife Financial by 1.0% during the 4th quarter. Little House Capital LLC now owns 33,767 shares of the financial services provider’s stock worth $1,037,000 after buying an additional 331 shares in the last quarter. Robertson Stephens Wealth Management LLC boosted its holdings in shares of Manulife Financial by 1.5% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 23,068 shares of the financial services provider’s stock worth $708,000 after buying an additional 339 shares in the last quarter. Addison Advisors LLC boosted its holdings in shares of Manulife Financial by 45.9% during the 4th quarter. Addison Advisors LLC now owns 1,428 shares of the financial services provider’s stock worth $44,000 after buying an additional 449 shares in the last quarter. Finally, Nicholas Hoffman & Company LLC. boosted its holdings in shares of Manulife Financial by 3.4% during the 4th quarter. Nicholas Hoffman & Company LLC. now owns 15,817 shares of the financial services provider’s stock worth $486,000 after buying an additional 516 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Stock Down 1.8 %

Shares of NYSE:MFC opened at $29.41 on Friday. Manulife Financial Co. has a twelve month low of $22.61 and a twelve month high of $33.07. The stock’s 50 day moving average is $30.28 and its 200-day moving average is $30.07. The firm has a market capitalization of $50.67 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 1.11 and a beta of 1.05.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.07. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. The company had revenue of $9.31 billion for the quarter. Equities research analysts anticipate that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a dividend of $0.3094 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.21%. This is a positive change 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 presently 58.45%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MFC. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada increased 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 issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $45.50.

Manulife Financial Profile

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.