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

Cresset Asset Management LLC lowered its position in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 57.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,484 shares of the financial services provider's stock after selling 59,857 shares during the period. 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 institutional investors and hedge funds have also modified their holdings of the company. FIL Ltd grew its holdings in shares of Manulife Financial by 21.7% in the 4th quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider's stock worth $1,216,880,000 after acquiring an additional 7,053,066 shares during the period. TD Asset Management Inc. grew its holdings in shares of Manulife Financial by 0.7% in the 4th quarter. TD Asset Management Inc. now owns 34,803,859 shares of the financial services provider's stock worth $1,068,654,000 after acquiring an additional 228,863 shares during the period. Norges Bank acquired a new stake in shares of Manulife Financial in the 4th quarter worth approximately $654,751,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Manulife Financial by 1.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,334,413 shares of the financial services provider's stock worth $347,757,000 after acquiring an additional 190,738 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Manulife Financial by 28.7% in 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. Institutional investors and hedge funds own 52.56% of the company's stock.

Manulife Financial Stock Down 0.3%

Shares of MFC stock traded down $0.11 during mid-day trading on Wednesday, hitting $31.64. 2,861,829 shares of the company's stock were exchanged, compared to its average volume of 2,167,045. Manulife Financial Co. has a fifty-two week low of $23.30 and a fifty-two week high of $33.07. The stock has a 50-day simple moving average of $29.90 and a two-hundred day simple moving average of $30.49. The stock has a market cap of $54.19 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 1.11 and a beta of 1.00.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (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 quarter last year, the business earned $0.94 EPS. As a group, analysts anticipate that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company 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 $0.3194 dividend. This is a positive change from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Wednesday, May 21st. Manulife Financial's dividend payout ratio (DPR) is 63.87%.

Analyst Upgrades and Downgrades

MFC has been the topic of a number of analyst reports. Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada increased their target price on Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a report on Friday, February 21st. One investment 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. Based on data from MarketBeat, the stock currently 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.