Manulife Financial Corp $MFC Stock Holdings Lowered by Assetmark Inc.

Key Points

• Assetmark Inc. reduced its stake in Manulife by 33.1%, selling 205,120 shares and leaving it with 415,353 shares worth about $15.07 million at quarter-end.
• Manulife raised its quarterly dividend to $0.485 (annualized $1.94), representing a 5.0% yield and a payout ratio of about 63.96%.
• Analysts have an average rating of "Buy" with an average price target of $51.50, versus the recent share price around $38.64, implying notable upside potential.

Assetmark Inc. cut its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 33.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 415,353 shares of the financial services provider's stock after selling 205,120 shares during the period. Assetmark Inc.'s holdings in Manulife Financial were worth $15,069,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Kathmere Capital Management LLC grew its position in shares of Manulife Financial by 2.0% during the 4th quarter. Kathmere Capital Management LLC now owns 14,421 shares of the financial services provider's stock worth $523,000 after buying an additional 277 shares in the last quarter. Bridgewater Advisors Inc. raised its holdings in shares of Manulife Financial by 4.3% in the third quarter. Bridgewater Advisors Inc. now owns 8,203 shares of the financial services provider's stock valued at $272,000 after acquiring an additional 337 shares in the last quarter. Lewis Asset Management LLC lifted its stake in Manulife Financial by 3.6% in the fourth quarter. Lewis Asset Management LLC now owns 10,111 shares of the financial services provider's stock worth $367,000 after acquiring an additional 351 shares during the period. HM Payson & Co. grew its holdings in Manulife Financial by 9.0% during the 3rd quarter. HM Payson & Co. now owns 4,308 shares of the financial services provider's stock worth $134,000 after acquiring an additional 354 shares in the last quarter. Finally, Signaturefd LLC grew its holdings in Manulife Financial by 0.7% during the 3rd quarter. Signaturefd LLC now owns 53,762 shares of the financial services provider's stock worth $1,675,000 after acquiring an additional 373 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MFC shares. Scotiabank reissued an "outperform" rating on shares of Manulife Financial in a report on Thursday, February 5th. Canadian Imperial Bank of Commerce raised Manulife Financial from a "neutral" rating to an "outperform" rating in a research report on Thursday, January 8th. Weiss Ratings downgraded Manulife Financial from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday, February 13th. Finally, Royal Bank Of Canada reissued an "outperform" rating on shares of Manulife Financial in a research report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $51.50.

Manulife Financial Stock Down 0.4%

Shares of NYSE:MFC opened at $38.64 on Friday. Manulife Financial Corp has a 52-week low of $28.13 and a 52-week high of $39.02. The stock has a market cap of $64.61 billion, a price-to-earnings ratio of 17.40 and a beta of 0.82. The business has a 50-day moving average price of $35.49 and a 200-day moving average price of $35.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its earnings results on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.04. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.The firm had revenue of $11.32 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the prior year, the firm earned $1.03 earnings per share. As a group, equities analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Wednesday, February 25th were issued a $0.485 dividend. The ex-dividend date of this dividend was Wednesday, February 25th. This is a positive change from Manulife Financial's previous quarterly dividend of $0.44. This represents a $1.94 annualized dividend and a yield of 5.0%. Manulife Financial's dividend payout ratio is currently 63.96%.

About Manulife Financial

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

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