Zurcher Kantonalbank Zurich Cantonalbank Decreases Stake in Manulife Financial Co. (NYSE:MFC)

Zurcher Kantonalbank Zurich Cantonalbank lowered its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 17.9% in the 4th quarter, HoldingsChannel reports. The fund owned 1,338,762 shares of the financial services provider’s stock after selling 292,393 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Manulife Financial were worth $29,728,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Manulife Financial during the 4th quarter valued at about $406,195,000. Public Sector Pension Investment Board grew its holdings in shares of Manulife Financial by 694.2% during the third quarter. Public Sector Pension Investment Board now owns 3,984,024 shares of the financial services provider’s stock worth $73,139,000 after purchasing an additional 3,482,367 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Manulife Financial during the first quarter worth about $52,082,000. Vanguard Group Inc. grew its holdings in shares of Manulife Financial by 3.2% during the first quarter. Vanguard Group Inc. now owns 65,706,458 shares of the financial services provider’s stock worth $1,402,832,000 after purchasing an additional 2,032,695 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Manulife Financial by 103.0% during the first quarter. Goldman Sachs Group Inc. now owns 3,377,712 shares of the financial services provider’s stock worth $72,113,000 after purchasing an additional 1,713,488 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Performance

Shares of MFC stock opened at $22.78 on Wednesday. Manulife Financial Co. has a fifty-two week low of $17.07 and a fifty-two week high of $25.14. The stock has a 50 day moving average price of $23.97 and a two-hundred day moving average price of $21.37. The company has a market capitalization of $41.03 billion, a P/E ratio of 11.80, a PEG ratio of 0.85 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.05. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%. The firm had revenue of $10.96 billion during the quarter, compared to the consensus estimate of $7.57 billion. As a group, equities analysts predict that Manulife Financial Co. will post 2.71 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Wednesday, February 28th were given a $0.298 dividend. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.19 annualized dividend and a yield of 5.23%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.26. Manulife Financial’s payout ratio is presently 61.66%.

Analysts Set New Price Targets

A number of research firms recently weighed in on MFC. TheStreet upgraded Manulife Financial from a “c+” rating to a “b” rating in a research report on Thursday, December 21st. Jefferies Financial Group began coverage on Manulife Financial in a research report on Thursday, February 22nd. They issued a “buy” rating for the company. BMO Capital Markets upgraded Manulife Financial from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $31.00 to $35.00 in a research report on Thursday, February 15th. Finally, Desjardins upgraded Manulife Financial from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $33.33.

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.