Ameriprise Financial Inc. Sells 67,526 Shares of Manulife Financial Co. (NYSE:MFC)

Ameriprise Financial Inc. lessened its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 33.1% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 136,516 shares of the financial services provider’s stock after selling 67,526 shares during the period. Ameriprise Financial Inc.’s holdings in Manulife Financial were worth $4,192,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Crews Bank & Trust bought a new stake in shares of Manulife Financial during the fourth quarter worth $26,000. Lee Danner & Bass Inc. bought a new position in Manulife Financial in the fourth quarter valued at about $31,000. Stonebridge Financial Group LLC acquired a new position in Manulife Financial in the fourth quarter valued at about $34,000. Golden State Wealth Management LLC acquired a new position in Manulife Financial in the fourth quarter valued at about $35,000. Finally, CKW Financial Group acquired a new position in Manulife Financial in the fourth quarter valued at about $37,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

NYSE:MFC opened at $31.21 on Monday. Manulife Financial Co. has a fifty-two week low of $23.30 and a fifty-two week high of $33.07. The stock has a market capitalization of $53.45 billion, a PE ratio of 15.08, a price-to-earnings-growth ratio of 1.11 and a beta of 1.00. The business’s 50-day simple moving average is $30.27 and its 200-day simple moving average is $30.57.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.01). Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The business had revenue of $1.49 billion for the quarter. During the same quarter in the previous year, the business earned $0.94 EPS. On average, research analysts expect that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st will be paid a dividend of $0.3194 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 4.09%. The ex-dividend date is Wednesday, May 21st. Manulife Financial’s dividend payout ratio (DPR) is currently 63.87%.

Analyst Ratings Changes

Several equities analysts have weighed in on MFC shares. Royal Bank of Canada increased their target price on Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Morgan Stanley set a $46.00 price objective on Manulife Financial in a report on Monday, May 19th. Finally, Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $45.67.

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.