Letko Brosseau & Associates Inc. Sells 707,660 Shares of Manulife Financial Co. (NYSE:MFC)

Letko Brosseau & Associates Inc. lessened its position in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 8.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,377,147 shares of the financial services provider's stock after selling 707,660 shares during the quarter. Manulife Financial makes up about 4.4% of Letko Brosseau & Associates Inc.'s holdings, making the stock its largest position. Letko Brosseau & Associates Inc. owned about 0.43% of Manulife Financial worth $226,516,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in MFC. Janus Henderson Group PLC raised its stake in Manulife Financial by 2.3% in the 4th quarter. Janus Henderson Group PLC now owns 212,208 shares of the financial services provider's stock valued at $6,523,000 after purchasing an additional 4,800 shares during the last quarter. Focus Partners Wealth raised its stake in Manulife Financial by 2,178.1% in the 4th quarter. Focus Partners Wealth now owns 767,847 shares of the financial services provider's stock valued at $23,592,000 after purchasing an additional 734,142 shares during the last quarter. EP Wealth Advisors LLC raised its stake in Manulife Financial by 12.3% in the 4th quarter. EP Wealth Advisors LLC now owns 11,980 shares of the financial services provider's stock valued at $368,000 after purchasing an additional 1,316 shares during the last quarter. Colonial Trust Co SC raised its stake in Manulife Financial by 273.4% in the 4th quarter. Colonial Trust Co SC now owns 2,696 shares of the financial services provider's stock valued at $83,000 after purchasing an additional 1,974 shares during the last quarter. Finally, CoreCap Advisors LLC grew its holdings in Manulife Financial by 36.3% in the 4th quarter. CoreCap Advisors LLC now owns 12,066 shares of the financial services provider's stock valued at $371,000 after buying an additional 3,213 shares during the period. Institutional investors and hedge funds own 52.56% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on MFC. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada boosted their target price on Manulife Financial from $49.00 to $51.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $45.50.

Manulife Financial Stock Performance

Shares of NYSE:MFC traded up $0.14 during trading on Friday, reaching $32.01. 1,685,257 shares of the stock were exchanged, compared to its average volume of 2,167,229. Manulife Financial Co. has a 12-month low of $23.30 and a 12-month high of $33.07. The firm has a market cap of $54.82 billion, a price-to-earnings ratio of 15.46, a price-to-earnings-growth ratio of 1.11 and a beta of 1.00. The firm's 50-day moving average price is $30.08 and its 200 day moving average price is $30.52.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued 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 firm 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 period in the prior year, the firm earned $0.94 EPS. As a group, equities research analysts forecast that Manulife Financial Co. will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st will be issued a $0.3194 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Wednesday, May 21st. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's dividend payout ratio is currently 63.87%.

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.