Manulife Financial Co. (NYSE:MFC) Stock Holdings Decreased by Cigna Investments Inc. New

Cigna Investments Inc. New lessened its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 34,017 shares of the financial services provider’s stock after selling 526 shares during the quarter. Cigna Investments Inc. New’s holdings in Manulife Financial were worth $755,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PFG Advisors purchased a new position in Manulife Financial during the fourth quarter valued at approximately $349,000. Global Retirement Partners LLC increased its stake in shares of Manulife Financial by 80.3% in the fourth quarter. Global Retirement Partners LLC now owns 4,478 shares of the financial services provider’s stock worth $95,000 after acquiring an additional 1,994 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Manulife Financial by 5.7% during the fourth quarter. Blue Trust Inc. now owns 10,465 shares of the financial services provider’s stock worth $231,000 after acquiring an additional 568 shares in the last quarter. Ritholtz Wealth Management boosted its position in Manulife Financial by 20.7% during the fourth quarter. Ritholtz Wealth Management now owns 150,058 shares of the financial services provider’s stock valued at $3,316,000 after purchasing an additional 25,769 shares during the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. grew its stake in Manulife Financial by 1.4% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 479,349 shares of the financial services provider’s stock valued at $10,652,000 after purchasing an additional 6,616 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Stock Performance

Manulife Financial stock opened at $25.08 on Monday. The business’s 50-day simple moving average is $23.45 and its 200-day simple moving average is $20.92. Manulife Financial Co. has a 52 week low of $17.07 and a 52 week high of $25.14. The firm has a market capitalization of $45.29 billion, a PE ratio of 13.10, a PEG ratio of 0.92 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $0.68 EPS 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 company had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $7.57 billion. Research analysts forecast that Manulife Financial Co. will post 2.71 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Wednesday, February 28th were issued a $0.298 dividend. The ex-dividend date of this dividend was Tuesday, February 27th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.26. This represents a $1.19 dividend on an annualized basis and a yield of 4.75%. Manulife Financial’s dividend payout ratio is 61.66%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MFC. TheStreet upgraded shares of Manulife Financial from a “c+” rating to a “b” rating in a research note on Thursday, December 21st. Royal Bank of Canada raised shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, December 12th. Jefferies Financial Group assumed coverage on Manulife Financial in a research note on Thursday, February 22nd. They set a “buy” rating for the company. BMO Capital Markets upgraded Manulife Financial from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $31.00 to $35.00 in a report on Thursday, February 15th. Finally, Desjardins upgraded Manulife Financial from a “hold” rating to a “buy” rating in a report on Thursday, February 15th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $33.33.

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.