Addenda Capital Inc. Sells 33,916 Shares of Manulife Financial Corp $MFC

Addenda Capital Inc. lessened its stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 4.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 770,657 shares of the financial services provider’s stock after selling 33,916 shares during the quarter. Manulife Financial makes up 1.0% of Addenda Capital Inc.’s holdings, making the stock its 27th biggest holding. Addenda Capital Inc.’s holdings in Manulife Financial were worth $27,959,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. South Shore Capital Advisors acquired a new position in Manulife Financial in the fourth quarter valued at $334,000. Newbridge Financial Services Group Inc. bought a new stake in Manulife Financial in the 4th quarter worth about $51,000. Sowell Financial Services LLC bought a new position in shares of Manulife Financial during the 4th quarter valued at approximately $227,000. Signaturefd LLC lifted its stake in shares of Manulife Financial by 4.1% during the 4th quarter. Signaturefd LLC now owns 55,964 shares of the financial services provider’s stock valued at $2,030,000 after buying an additional 2,202 shares in the last quarter. Finally, Ascent Group LLC lifted its stake in shares of Manulife Financial by 11.4% during the 4th quarter. Ascent Group LLC now owns 12,499 shares of the financial services provider’s stock valued at $453,000 after buying an additional 1,276 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Up 3.7%

Shares of NYSE MFC opened at $36.51 on Thursday. The firm has a 50 day moving average of $35.53 and a 200 day moving average of $34.82. The firm has a market capitalization of $61.20 billion, a price-to-earnings ratio of 16.45 and a beta of 0.82. Manulife Financial Corp has a 12-month low of $26.34 and a 12-month high of $38.72.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, February 11th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.04. The company had revenue of $11.32 billion during the quarter, compared to analyst estimates of $2.32 billion. Manulife Financial had a net margin of 9.18% and a return on equity of 16.43%. During the same period in the previous year, the business posted $1.03 earnings per share. Sell-side analysts predict that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Wednesday, February 25th were given a $0.485 dividend. The ex-dividend date was Wednesday, February 25th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.44. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.3%. Manulife Financial’s dividend payout ratio (DPR) is currently 63.96%.

Wall Street Analyst Weigh In

Several analysts have issued reports on MFC shares. Canadian Imperial Bank of Commerce upgraded shares of Manulife Financial from a “neutral” rating to an “outperform” rating in a research note on Thursday, January 8th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Friday, February 13th. Weiss Ratings lowered shares of Manulife Financial from a “buy (a-)” rating to a “buy (b)” rating in a report on Friday, February 13th. Morgan Stanley set a $51.00 price target on shares of Manulife Financial in a report on Monday, December 15th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research note on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. Based on data from MarketBeat, Manulife Financial currently has an average rating of “Buy” and a consensus target price of $51.50.

About Manulife Financial

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.