Nuveen Asset Management LLC Sells 12,884 Shares of Manulife Financial Co. (NYSE:MFC)

Nuveen Asset Management LLC cut its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 0.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,264,961 shares of the financial services provider’s stock after selling 12,884 shares during the quarter. Nuveen Asset Management LLC’s holdings in Manulife Financial were worth $69,546,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in MFC. Norges Bank bought a new stake in shares of Manulife Financial in the fourth quarter valued at $654,751,000. FIL Ltd raised its stake in shares of Manulife Financial by 21.7% in the fourth quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider’s stock valued at $1,216,880,000 after buying an additional 7,053,066 shares during the period. Geode Capital Management LLC raised its stake in shares of Manulife Financial by 28.7% in the fourth quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider’s stock valued at $333,291,000 after buying an additional 2,377,338 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of Manulife Financial by 42.1% in the fourth quarter. Canada Pension Plan Investment Board now owns 7,427,745 shares of the financial services provider’s stock valued at $227,895,000 after buying an additional 2,200,000 shares during the period. Finally, Hillsdale Investment Management Inc. raised its stake in shares of Manulife Financial by 216.0% in the fourth quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider’s stock valued at $78,110,000 after buying an additional 1,739,853 shares during the period. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Stock Performance

NYSE:MFC opened at $32.01 on Friday. Manulife Financial Co. has a 52-week low of $23.30 and a 52-week high of $33.07. The firm has a market cap of $54.82 billion, a price-to-earnings ratio of 15.46, a PEG ratio of 1.11 and a beta of 1.00. The business’s fifty day moving average is $30.08 and its 200 day moving average is $30.53.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its 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 return on equity of 15.98% and a net margin of 10.08%. The business had revenue of $1.49 billion for the quarter. During the same period last year, the firm posted $0.94 EPS. Equities analysts predict that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Wednesday, May 21st will be given a dividend of $0.3194 per share. This represents a $1.28 annualized dividend and a yield of 3.99%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, May 21st. Manulife Financial’s payout ratio is presently 63.87%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MFC. Royal Bank of Canada boosted their price objective on Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. One investment 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 company’s stock. Based on data from MarketBeat.com, Manulife Financial presently has an average rating of “Buy” and an average price target of $45.50.

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.