Sumitomo Mitsui Trust Holdings Inc. Sells 8,007 Shares of Manulife Financial Co. (NYSE:MFC)

Sumitomo Mitsui Trust Holdings Inc. lowered its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 0.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,499,582 shares of the financial services provider’s stock after selling 8,007 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.30% of Manulife Financial worth $121,926,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in shares of Manulife Financial during the 3rd quarter worth about $27,000. Anchor Investment Management LLC acquired a new position in Manulife Financial during the 4th quarter valued at $27,000. Sanctuary Wealth Management L.L.C. acquired a new stake in Manulife Financial during the fourth quarter worth about $27,000. Trust Co. of Vermont boosted its stake in Manulife Financial by 478.5% during the third quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider’s stock worth $28,000 after buying an additional 1,268 shares in the last quarter. Finally, Arlington Trust Co LLC bought a new stake in Manulife Financial in the third quarter valued at about $29,000. Institutional investors own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

MFC has been the topic of several analyst reports. Jefferies Financial Group began coverage on shares of Manulife Financial in a report on Thursday, February 22nd. They issued a “buy” rating on the stock. BMO Capital Markets raised Manulife Financial from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $31.00 to $35.00 in a research note on Thursday, February 15th. Desjardins upgraded Manulife Financial from a “hold” rating to a “buy” rating in a report on Thursday, February 15th. Finally, TheStreet raised shares of Manulife Financial from a “c+” rating to a “b” rating in a report on Thursday, December 21st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.33.

Manulife Financial Stock Down 0.9 %

MFC stock opened at $22.99 on Tuesday. Manulife Financial Co. has a twelve month low of $17.07 and a twelve month high of $25.14. The company has a market cap of $41.40 billion, a P/E ratio of 11.91, a PEG ratio of 0.86 and a beta of 1.08. The business has a fifty day moving average of $23.96 and a 200-day moving average of $21.34.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.05. Manulife Financial had a return on equity of 15.98% and a net margin of 10.42%. The firm had revenue of $10.96 billion during the quarter, compared to analysts’ expectations of $7.57 billion. As a group, equities research analysts anticipate that Manulife Financial Co. will post 2.71 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Wednesday, February 28th were paid a $0.298 dividend. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, February 27th. This represents a $1.19 annualized dividend and a yield of 5.19%. Manulife Financial’s dividend payout ratio is presently 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.