Skandinaviska Enskilda Banken AB publ Decreases Stake in Manulife Financial Co. (NYSE:MFC)

Skandinaviska Enskilda Banken AB publ cut its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 12.4% during the fourth quarter, HoldingsChannel reports. The firm owned 1,392,970 shares of the financial services provider’s stock after selling 198,000 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Manulife Financial were worth $42,667,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Entropy Technologies LP purchased a new position in Manulife Financial in the third quarter valued at $1,352,000. Ashton Thomas Private Wealth LLC boosted its holdings in Manulife Financial by 2.6% in the third quarter. Ashton Thomas Private Wealth LLC now owns 58,152 shares of the financial services provider’s stock valued at $1,718,000 after purchasing an additional 1,447 shares in the last quarter. Prime Capital Investment Advisors LLC purchased a new position in Manulife Financial in the third quarter valued at approximately $203,000. Cumberland Partners Ltd purchased a new position in Manulife Financial in the third quarter valued at approximately $290,000. Finally, Oppenheimer & Co. Inc. lifted its position in shares of Manulife Financial by 4.8% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 56,661 shares of the financial services provider’s stock worth $1,674,000 after buying an additional 2,612 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Price Performance

Shares of Manulife Financial stock opened at $29.27 on Thursday. The firm’s fifty day simple moving average is $30.14 and its 200-day simple moving average is $30.17. Manulife Financial Co. has a 12 month low of $22.61 and a 12 month high of $33.07. The stock has a market capitalization of $50.43 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.11 and a beta of 1.05.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The company had revenue of $9.31 billion for the quarter. Analysts anticipate that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a $0.3094 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 4.23%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, March 5th. Manulife Financial’s dividend payout ratio (DPR) is 58.45%.

Analysts Set New Price Targets

Several equities research analysts recently commented on MFC shares. Royal Bank of Canada lifted their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $45.50.

Manulife Financial Company 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.