Ameriprise Financial Inc. Reduces Stake in Manulife Financial Co. (NYSE:MFC)

Ameriprise Financial Inc. cut its stake in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 33.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 136,516 shares of the financial services provider's stock after selling 67,526 shares during the quarter. Ameriprise Financial Inc.'s holdings in Manulife Financial were worth $4,192,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Crews Bank & Trust acquired a new position in shares of Manulife Financial during the fourth quarter worth approximately $26,000. Lee Danner & Bass Inc. acquired a new position in shares of Manulife Financial during the fourth quarter worth approximately $31,000. Stonebridge Financial Group LLC acquired a new position in shares of Manulife Financial during the fourth quarter worth approximately $34,000. Golden State Wealth Management LLC acquired a new position in shares of Manulife Financial during the fourth quarter worth approximately $35,000. Finally, CKW Financial Group acquired a new position in shares of Manulife Financial during the fourth quarter worth approximately $37,000. 52.56% of the stock is owned by institutional investors.

Manulife Financial Stock Performance

NYSE MFC traded down $0.23 on Wednesday, reaching $31.53. The company had a trading volume of 1,513,248 shares, compared to its average volume of 2,141,970. The company's fifty day moving average is $30.31 and its 200-day moving average is $30.57. Manulife Financial Co. has a 1-year low of $23.30 and a 1-year high of $33.07. The firm has a market capitalization of $54.00 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 1.11 and a beta of 1.00.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.01). The business had revenue of $1.49 billion for the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. During the same quarter in the previous year, the firm posted $0.94 EPS. On average, research analysts forecast that Manulife Financial Co. will post 2.87 earnings per share for the current 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 paid a dividend of $0.3194 per share. This represents a $1.28 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date is Wednesday, May 21st. This is an increase from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's dividend payout ratio (DPR) is currently 63.87%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MFC. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a research report on Monday, February 3rd. Morgan Stanley set a $46.00 price target on shares of Manulife Financial in a research note on Monday, May 19th. Finally, Royal Bank of Canada upped their price target on shares of 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. According to data from MarketBeat.com, Manulife Financial currently has a consensus rating of "Buy" and a consensus target price of $45.67.

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.