Manulife Financial Co. (NYSE:MFC) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. trimmed its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 0.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 8,979,983 shares of the financial services provider’s stock after selling 31,619 shares during the period. JPMorgan Chase & Co.’s holdings in Manulife Financial were worth $275,775,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brooklyn Investment Group acquired a new position in Manulife Financial in the third quarter valued at $26,000. Crews Bank & Trust purchased a new stake in Manulife Financial during the 4th quarter valued at approximately $26,000. Lee Danner & Bass Inc. acquired a new stake in Manulife Financial during the 4th quarter worth approximately $31,000. Stonebridge Financial Group LLC purchased a new position in shares of Manulife Financial in the 4th quarter valued at approximately $34,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Manulife Financial in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Down 1.1 %

Shares of MFC opened at $30.77 on Monday. Manulife Financial Co. has a twelve month low of $22.61 and a twelve month high of $33.07. The firm has a market capitalization of $53.01 billion, a P/E ratio of 14.87, a PEG ratio of 1.11 and a beta of 1.05. The firm’s 50-day moving average is $30.14 and its two-hundred day moving average is $30.44.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly 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. The business had revenue of $9.31 billion for the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. Analysts predict that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were paid a dividend of $0.3094 per share. This represents a $1.24 annualized dividend and a dividend yield of 4.02%. The ex-dividend date was Wednesday, March 5th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s payout ratio is 58.45%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Royal Bank of Canada lifted 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 reiterated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One 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 company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $45.50.

Manulife Financial Company 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.