Burney Co. Lowers Position in Manulife Financial Co. (NYSE:MFC)

Burney Co. cut its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 33.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 192,097 shares of the financial services provider’s stock after selling 97,901 shares during the period. Burney Co.’s holdings in Manulife Financial were worth $3,633,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Sanctuary Wealth Management L.L.C. bought a new position in shares of Manulife Financial in the fourth quarter valued at approximately $27,000. Clearstead Advisors LLC boosted its position in Manulife Financial by 249.3% in the first quarter. Clearstead Advisors LLC now owns 1,638 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,169 shares during the last quarter. Northwest Capital Management Inc bought a new position in Manulife Financial in the 2nd quarter valued at $31,000. ING Groep NV purchased a new stake in shares of Manulife Financial during the 1st quarter valued at $39,000. Finally, Massmutual Trust Co. FSB ADV raised its stake in shares of Manulife Financial by 79.1% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 2,051 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 906 shares during the period. 45.02% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Stock Up 1.7 %

NYSE MFC opened at $18.95 on Wednesday. The company has a market cap of $34.34 billion, a PE ratio of 9.47, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. Manulife Financial Co. has a 52 week low of $17.07 and a 52 week high of $20.40. The firm’s 50-day simple moving average is $18.35 and its two-hundred day simple moving average is $18.77.

Manulife Financial Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Wednesday, November 22nd will be paid a dividend of $0.263 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 5.55%. The ex-dividend date of this dividend is Tuesday, November 21st. Manulife Financial’s payout ratio is currently 55.50%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. StockNews.com assumed coverage on shares of Manulife Financial in a research report on Thursday, October 5th. They set a “hold” rating for the company. Barclays increased their target price on shares of Manulife Financial from $31.00 to $33.00 and gave the company an “overweight” rating in a research report on Friday, August 11th. Finally, Royal Bank of Canada raised their price target on shares of Manulife Financial from $30.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, November 10th.

Manulife Financial Profile

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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.