Manulife Financial Co. (NYSE:MFC) Position Reduced by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. decreased its holdings in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 8.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,377,147 shares of the financial services provider's stock after selling 707,660 shares during the quarter. Manulife Financial comprises 4.4% of Letko Brosseau & Associates Inc.'s investment portfolio, making the stock its largest holding. Letko Brosseau & Associates Inc. owned 0.43% of Manulife Financial worth $226,516,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of MFC. Crews Bank & Trust acquired a new position in shares of Manulife Financial in the fourth quarter valued at approximately $26,000. Lee Danner & Bass Inc. purchased a new position in Manulife Financial in the 4th quarter valued at $31,000. Stonebridge Financial Group LLC purchased a new position in Manulife Financial in the 4th quarter valued at $34,000. Golden State Wealth Management LLC acquired a new position in Manulife Financial in the 4th quarter valued at $35,000. Finally, CKW Financial Group purchased a new position in Manulife Financial during the 4th quarter worth $37,000. Institutional investors and hedge funds own 52.56% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MFC. Royal Bank of Canada lifted their target price 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. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a research report on Monday, February 3rd. One analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $45.50.

Manulife Financial Stock Performance

NYSE:MFC traded down $0.11 during trading hours on Wednesday, hitting $31.64. The company's stock had a trading volume of 2,861,829 shares, compared to its average volume of 2,167,045. Manulife Financial Co. has a 52-week low of $23.30 and a 52-week high of $33.07. The business's 50-day moving average is $29.94 and its two-hundred day moving average is $30.50. The company has a market capitalization of $54.19 billion, a PE 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 results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share for the quarter, missing analysts' consensus estimates of $0.70 by ($0.01). Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. The company had revenue of $1.49 billion for the quarter. During the same quarter in the previous year, the business posted $0.94 earnings per share. As a group, analysts predict that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Wednesday, May 21st. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a yield of 4.04%. Manulife Financial's dividend payout ratio (DPR) is 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.