Guardian Capital LP Sells 151,612 Shares of Manulife Financial Co. (NYSE:MFC)

Guardian Capital LP trimmed its position in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 12.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,079,267 shares of the financial services provider's stock after selling 151,612 shares during the period. Manulife Financial makes up approximately 1.2% of Guardian Capital LP's portfolio, making the stock its 22nd biggest position. Guardian Capital LP owned approximately 0.06% of Manulife Financial worth $33,139,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MFC. Franklin Resources Inc. increased its holdings in Manulife Financial by 16.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,988,200 shares of the financial services provider's stock worth $61,426,000 after purchasing an additional 279,418 shares in the last quarter. Dorsey & Whitney Trust CO LLC bought a new stake in Manulife Financial during the fourth quarter worth $330,000. AEGON ASSET MANAGEMENT UK Plc raised its position in Manulife Financial by 14.9% in the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 88,631 shares of the financial services provider's stock valued at $2,719,000 after buying an additional 11,509 shares during the last quarter. Geode Capital Management LLC lifted its stake in Manulife Financial by 28.7% during the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock valued at $333,291,000 after acquiring an additional 2,377,338 shares in the last quarter. Finally, Prudential Financial Inc. grew its stake in shares of Manulife Financial by 60.4% in the 4th quarter. Prudential Financial Inc. now owns 36,200 shares of the financial services provider's stock worth $1,112,000 after acquiring an additional 13,638 shares in the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MFC shares. Scotiabank reaffirmed an "outperform" rating on shares of Manulife Financial in a research report on Monday, February 3rd. Royal Bank of Canada upped 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 equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $45.50.

Manulife Financial Stock Performance

Shares of MFC stock opened at $30.70 on Wednesday. The firm has a market cap of $52.75 billion, a price-to-earnings ratio of 14.83, a P/E/G ratio of 1.11 and a beta of 0.89. Manulife Financial Co. has a 52 week low of $23.27 and a 52 week high of $33.07. The firm's 50-day simple moving average is $29.71 and its two-hundred day simple moving average is $30.42.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, beating the consensus estimate of $0.67 by $0.07. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. The business had revenue of $9.31 billion for the quarter. 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 declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were paid a dividend of $0.3094 per share. This is an increase from Manulife Financial's previous quarterly dividend of $0.30. The ex-dividend date was Wednesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 4.03%. Manulife Financial's dividend payout ratio is presently 58.45%.

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.

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