Manulife Financial Co. (NYSE:MFC) Shares Sold by Intact Investment Management Inc.

Intact Investment Management Inc. lowered its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 30.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,157,355 shares of the financial services provider’s stock after selling 945,590 shares during the period. Manulife Financial accounts for approximately 2.3% of Intact Investment Management Inc.’s portfolio, making the stock its 6th largest position. Intact Investment Management Inc.’s holdings in Manulife Financial were worth $66,267,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brooklyn Investment Group acquired a new position in Manulife Financial in the third quarter valued at $26,000. Crews Bank & Trust acquired a new position in Manulife Financial in the fourth quarter valued at $26,000. Stonebridge Financial Group LLC acquired a new position in Manulife Financial in the fourth quarter valued at $34,000. Golden State Wealth Management LLC acquired a new position in Manulife Financial in the fourth quarter valued at $35,000. Finally, CKW Financial Group acquired a new position in Manulife Financial in the fourth quarter valued at $37,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Stock Performance

Shares of NYSE:MFC opened at $28.41 on Friday. The company has a 50-day simple moving average of $30.10 and a 200-day simple moving average of $30.16. Manulife Financial Co. has a one year low of $22.61 and a one year high of $33.07. The stock has a market capitalization of $48.93 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 1.11 and a beta of 1.05.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its 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. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The business had revenue of $9.31 billion during the quarter. As a group, research analysts forecast that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a $0.3094 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 4.36%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, March 5th. Manulife Financial’s dividend payout ratio is presently 58.45%.

Wall Street Analyst Weigh In

MFC has been the subject of several research analyst reports. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. Royal Bank of Canada upped their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target 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.