Laird Norton Wetherby Wealth Management LLC Trims Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Laird Norton Wetherby Wealth Management LLC reduced its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 26.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 20,497 shares of the financial services provider’s stock after selling 7,274 shares during the period. Laird Norton Wetherby Wealth Management LLC’s holdings in Manulife Financial were worth $629,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Janus Henderson Group PLC raised its holdings in Manulife Financial by 2.3% in the 4th quarter. Janus Henderson Group PLC now owns 212,208 shares of the financial services provider’s stock valued at $6,523,000 after buying an additional 4,800 shares during the period. Focus Partners Wealth raised its holdings in Manulife Financial by 2,178.1% in the 4th quarter. Focus Partners Wealth now owns 767,847 shares of the financial services provider’s stock valued at $23,592,000 after buying an additional 734,142 shares during the period. EP Wealth Advisors LLC raised its holdings in Manulife Financial by 12.3% in the 4th quarter. EP Wealth Advisors LLC now owns 11,980 shares of the financial services provider’s stock valued at $368,000 after buying an additional 1,316 shares during the period. Colonial Trust Co SC raised its holdings in Manulife Financial by 273.4% in the 4th quarter. Colonial Trust Co SC now owns 2,696 shares of the financial services provider’s stock valued at $83,000 after buying an additional 1,974 shares during the period. Finally, CoreCap Advisors LLC grew its position in Manulife Financial by 36.3% in the 4th quarter. CoreCap Advisors LLC now owns 12,066 shares of the financial services provider’s stock valued at $371,000 after acquiring an additional 3,213 shares in the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Manulife Financial Price Performance

NYSE MFC opened at $31.64 on Thursday. The company has a market cap of $54.19 billion, a P/E ratio of 15.29, a P/E/G ratio of 1.11 and a beta of 1.00. The stock has a 50-day moving average of $29.94 and a two-hundred day moving average of $30.50. Manulife Financial Co. has a 1-year low of $23.30 and a 1-year high of $33.07.

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

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st will be given a dividend of $0.3194 per share. The ex-dividend date is Wednesday, May 21st. This is an increase from Manulife Financial’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.04%. Manulife Financial’s payout ratio is currently 63.87%.

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.