Cresset Asset Management LLC Reduces Position in Manulife Financial Co. (NYSE:MFC)

Cresset Asset Management LLC lessened its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 57.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 43,484 shares of the financial services provider’s stock after selling 59,857 shares during the quarter. Cresset Asset Management LLC’s holdings in Manulife Financial were worth $1,335,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in MFC. Dorsey & Whitney Trust CO LLC acquired a new stake in Manulife Financial during the 4th quarter worth approximately $330,000. AEGON ASSET MANAGEMENT UK Plc lifted its position in Manulife Financial by 14.9% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider’s stock worth $2,719,000 after acquiring an additional 11,509 shares during the period. Geode Capital Management LLC lifted its position in Manulife Financial by 28.7% during the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider’s stock worth $333,291,000 after acquiring an additional 2,377,338 shares during the period. Prudential Financial Inc. lifted its position in Manulife Financial by 60.4% during the 4th quarter. Prudential Financial Inc. now owns 36,200 shares of the financial services provider’s stock worth $1,112,000 after acquiring an additional 13,638 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Manulife Financial by 4.7% during the 4th quarter. Bank of New York Mellon Corp now owns 1,809,774 shares of the financial services provider’s stock worth $55,578,000 after acquiring an additional 81,799 shares during the period. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on MFC. Royal Bank of Canada increased their price objective on Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $45.50.

Manulife Financial Price Performance

MFC opened at $30.90 on Monday. The business has a 50 day simple moving average of $29.82 and a 200-day simple moving average of $30.47. The stock has a market capitalization of $52.92 billion, a P/E ratio of 14.93, a P/E/G ratio of 1.11 and a beta of 1.00. Manulife Financial Co. has a 12 month low of $23.30 and a 12 month high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The business had revenue of $1.49 billion during the quarter. During the same period in the prior year, the company earned $0.94 earnings per share. Research analysts anticipate that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Wednesday, May 21st will be paid a $0.3194 dividend. This is an increase from Manulife Financial’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 4.13%. The ex-dividend date is Wednesday, May 21st. Manulife Financial’s dividend payout ratio (DPR) is presently 63.35%.

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.