Ninepoint Partners LP Cuts Stock Position in Manulife Financial Co. (NYSE:MFC)

Ninepoint Partners LP cut its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 15.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 97,373 shares of the financial services provider’s stock after selling 18,145 shares during the quarter. Manulife Financial accounts for 0.4% of Ninepoint Partners LP’s investment portfolio, making the stock its 20th largest position. Ninepoint Partners LP’s holdings in Manulife Financial were worth $2,990,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MFC. Brooklyn Investment Group acquired a new stake in shares of Manulife Financial in the third quarter worth approximately $26,000. Crews Bank & Trust acquired a new position in Manulife Financial during the fourth quarter worth $26,000. Stonebridge Financial Group LLC acquired a new position in Manulife Financial during the fourth quarter worth $34,000. Golden State Wealth Management LLC acquired a new position in shares of Manulife Financial in the 4th quarter valued at $35,000. Finally, CKW Financial Group acquired a new position in shares of Manulife Financial in the 4th quarter valued at $37,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Manulife Financial Stock Performance

MFC opened at $29.45 on Friday. The company has a market cap of $50.73 billion, a P/E ratio of 14.23, a PEG ratio of 1.11 and a beta of 1.05. Manulife Financial Co. has a one year low of $22.61 and a one year high of $33.07. The business’s 50-day simple moving average is $30.07 and its 200-day simple moving average is $30.19.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $9.31 billion during the quarter. As a group, analysts predict that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders 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 yield of 4.20%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, March 5th. Manulife Financial’s dividend payout ratio (DPR) is presently 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.