Manulife Financial Co. (NYSE:MFC) Shares Sold by Cumberland Partners Ltd

Cumberland Partners Ltd lowered its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 29.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,835 shares of the financial services provider’s stock after selling 5,400 shares during the period. Cumberland Partners Ltd’s holdings in Manulife Financial were worth $262,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of MFC. AE Wealth Management LLC grew its holdings in shares of Manulife Financial by 9.8% in the 3rd quarter. AE Wealth Management LLC now owns 29,558 shares of the financial services provider’s stock worth $540,000 after acquiring an additional 2,635 shares during the period. HB Wealth Management LLC acquired a new stake in shares of Manulife Financial in the 3rd quarter worth approximately $197,000. SG Americas Securities LLC acquired a new stake in shares of Manulife Financial in the 3rd quarter worth approximately $592,000. Caprock Group LLC acquired a new stake in shares of Manulife Financial in the 3rd quarter worth approximately $204,000. Finally, Measured Wealth Private Client Group LLC grew its holdings in shares of Manulife Financial by 16.9% in the 3rd quarter. Measured Wealth Private Client Group LLC now owns 43,336 shares of the financial services provider’s stock worth $792,000 after acquiring an additional 6,280 shares during the period. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Manulife Financial Price Performance

NYSE:MFC traded down $0.12 during trading hours on Wednesday, reaching $23.47. 824,980 shares of the company traded hands, compared to its average volume of 3,223,231. The firm’s 50-day moving average is $24.03 and its 200-day moving average is $21.55. The stock has a market cap of $42.27 billion, a P/E ratio of 12.22, a P/E/G ratio of 0.87 and a beta of 1.08. Manulife Financial Co. has a 1-year low of $17.07 and a 1-year high of $25.14.

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

Manulife Financial Increases Dividend

The firm also recently declared 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 represents a $1.19 dividend on an annualized basis and a dividend yield of 5.08%. The ex-dividend date of this dividend was Tuesday, February 27th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.26. Manulife Financial’s dividend payout ratio is currently 61.66%.

Manulife Financial 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.