Mackenzie Financial Corp Trims Position in Manulife Financial Co. (NYSE:MFC)

Mackenzie Financial Corp lessened its holdings in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 5.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,604,379 shares of the financial services provider's stock after selling 1,557,357 shares during the period. Manulife Financial comprises approximately 0.9% of Mackenzie Financial Corp's holdings, making the stock its 27th largest holding. Mackenzie Financial Corp owned about 1.53% of Manulife Financial worth $610,281,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of MFC. Anchor Investment Management LLC bought a new position in shares of Manulife Financial during the fourth quarter valued at approximately $27,000. Stonehage Fleming Financial Services Holdings Ltd purchased a new position in Manulife Financial during the 3rd quarter valued at $27,000. Sanctuary Wealth Management L.L.C. bought a new position in Manulife Financial in the 4th quarter worth $27,000. Trust Co. of Vermont lifted its position in shares of Manulife Financial by 478.5% in the 3rd quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider's stock worth $28,000 after purchasing an additional 1,268 shares during the period. Finally, Arlington Trust Co LLC bought a new stake in shares of Manulife Financial during the 3rd quarter valued at about $29,000. Institutional investors own 52.56% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. BMO Capital Markets upgraded shares of Manulife Financial from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $31.00 to $35.00 in a report on Thursday, February 15th. Desjardins upgraded Manulife Financial from a "hold" rating to a "buy" rating in a research report on Thursday, February 15th. Jefferies Financial Group started coverage on Manulife Financial in a report on Thursday, February 22nd. They issued a "buy" rating for the company. Finally, TheStreet raised Manulife Financial from a "c+" rating to a "b" rating in a research report on Thursday, December 21st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Manulife Financial has a consensus rating of "Moderate Buy" and an average target price of $33.33.

Manulife Financial Price Performance

MFC stock traded down $0.21 on Monday, reaching $22.99. 2,011,221 shares of the company traded hands, compared to its average volume of 3,349,256. The firm has a fifty day simple moving average of $23.96 and a 200-day simple moving average of $21.34. Manulife Financial Co. has a one year low of $17.07 and a one year high of $25.14. The company has a market cap of $41.40 billion, a P/E ratio of 11.91, a price-to-earnings-growth ratio of 0.86 and a beta of 1.08.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.05. The firm had revenue of $10.96 billion during the quarter, compared to analyst estimates of $7.57 billion. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%. On average, sell-side analysts forecast that Manulife Financial Co. will post 2.71 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Wednesday, February 28th were given a dividend of $0.298 per share. This represents a $1.19 dividend on an annualized basis and a yield of 5.19%. The ex-dividend date was Tuesday, February 27th. This is a boost from Manulife Financial's previous quarterly dividend of $0.26. Manulife Financial's dividend payout ratio is 61.66%.

Manulife Financial Profile

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.