Marks Group Wealth Management Inc Sells 1,402 Shares of Manulife Financial Co. (NYSE:MFC)

Marks Group Wealth Management Inc lessened its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,679 shares of the financial services provider’s stock after selling 1,402 shares during the period. Marks Group Wealth Management Inc’s holdings in Manulife Financial were worth $811,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. 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 valued at $73,139,000 after buying an additional 3,482,367 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in shares of Manulife Financial by 45.7% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,932,971 shares of the financial services provider’s stock valued at $72,085,000 after purchasing an additional 1,233,358 shares in the last quarter. Vanguard Group Inc. increased its holdings in Manulife Financial by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 71,526,674 shares of the financial services provider’s stock worth $1,307,508,000 after buying an additional 1,086,776 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in Manulife Financial by 21.5% in the third quarter. Hsbc Holdings PLC now owns 5,005,072 shares of the financial services provider’s stock worth $91,508,000 after purchasing an additional 885,979 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Manulife Financial by 7.8% during the third quarter. JPMorgan Chase & Co. now owns 10,680,517 shares of the financial services provider’s stock valued at $195,240,000 after acquiring an additional 775,135 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

Shares of MFC stock traded up $0.08 during trading hours on Tuesday, hitting $23.54. The stock had a trading volume of 644,519 shares, compared to its average volume of 3,233,051. The stock’s 50-day moving average price is $24.01 and its two-hundred day moving average price is $21.52. Manulife Financial Co. has a one year low of $17.07 and a one year high of $25.14. The stock has a market capitalization of $42.40 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 0.85 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping 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 business had revenue of $10.96 billion for the quarter, compared to analysts’ expectations of $7.57 billion. As a group, equities research analysts predict that Manulife Financial Co. will post 2.71 earnings per share for the current fiscal 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 paid a dividend of $0.298 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.26. This represents a $1.19 annualized dividend and a yield of 5.06%. The ex-dividend date was Tuesday, February 27th. Manulife Financial’s payout ratio is presently 61.66%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group started coverage on shares of Manulife Financial in a research report on Thursday, February 22nd. They set a “buy” rating for the company. Desjardins raised Manulife Financial from a “hold” rating to a “buy” rating in a research note on Thursday, February 15th. Finally, BMO Capital Markets upgraded Manulife Financial from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $31.00 to $35.00 in a research note on Thursday, February 15th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Manulife Financial presently has an average rating of “Moderate Buy” and an average price target of $33.33.

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.