Clearbridge Investments LLC Trims Stake in Manulife Financial Co. (NYSE:MFC)

Clearbridge Investments LLC cut its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 34.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,101,946 shares of the financial services provider’s stock after selling 571,825 shares during the quarter. Clearbridge Investments LLC’s holdings in Manulife Financial were worth $33,841,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of MFC. TD Asset Management Inc. increased its stake in shares of Manulife Financial by 0.7% in the 4th quarter. TD Asset Management Inc. now owns 34,803,859 shares of the financial services provider’s stock valued at $1,068,654,000 after purchasing an additional 228,863 shares in the last quarter. National Bank of Canada FI grew its holdings in Manulife Financial by 13.5% in the third quarter. National Bank of Canada FI now owns 28,063,936 shares of the financial services provider’s stock valued at $829,374,000 after purchasing an additional 3,329,892 shares during the period. Norges Bank purchased a new stake in shares of Manulife Financial in the fourth quarter valued at approximately $654,751,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Manulife Financial by 1.7% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,334,413 shares of the financial services provider’s stock worth $347,757,000 after buying an additional 190,738 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Manulife Financial by 8.1% during the 3rd quarter. Geode Capital Management LLC now owns 8,273,260 shares of the financial services provider’s stock valued at $247,473,000 after buying an additional 616,517 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research 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 stock an “outperform” rating in a research report on Friday, February 21st. 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’s stock. According to data from MarketBeat, Manulife Financial has an average rating of “Buy” and an average target price of $45.50.

Manulife Financial Stock Performance

NYSE MFC opened at $31.79 on Wednesday. The business has a fifty day moving average price of $30.17 and a 200 day moving average price of $30.49. The company has a market cap of $54.75 billion, a P/E ratio of 15.36, a P/E/G 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.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued 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. The business 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, sell-side analysts predict that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a dividend of $0.3094 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 3.89%. The ex-dividend date was Wednesday, March 5th. Manulife Financial’s payout ratio is currently 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.