Assetmark Inc. Has $17.57 Million Holdings in Manulife Financial Co. (NYSE:MFC)

Assetmark Inc. lessened its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 0.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 572,057 shares of the financial services provider’s stock after selling 1,903 shares during the quarter. Assetmark Inc.’s holdings in Manulife Financial were worth $17,568,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Steward Partners Investment Advisory LLC raised its stake in Manulife Financial by 3.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 16,948 shares of the financial services provider’s stock valued at $520,000 after purchasing an additional 607 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Manulife Financial in the fourth quarter valued at about $72,000. Jones Financial Companies Lllp raised its stake in Manulife Financial by 67.0% in the fourth quarter. Jones Financial Companies Lllp now owns 453,230 shares of the financial services provider’s stock valued at $13,919,000 after purchasing an additional 181,884 shares in the last quarter. Metis Global Partners LLC raised its stake in Manulife Financial by 6.6% in the fourth quarter. Metis Global Partners LLC now owns 79,627 shares of the financial services provider’s stock valued at $2,446,000 after purchasing an additional 4,904 shares in the last quarter. Finally, SVB Wealth LLC acquired a new position in Manulife Financial in the fourth quarter valued at about $396,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on MFC shares. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. Royal Bank of Canada boosted their target price on Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $45.50.

Manulife Financial Trading Down 1.8 %

Shares of NYSE MFC opened at $29.41 on Friday. The company has a market cap of $50.67 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 1.11 and a beta of 1.05. The stock has a 50-day moving average price of $30.28 and a two-hundred day moving average price of $30.07. Manulife Financial Co. has a 12 month low of $22.61 and a 12 month high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.07. The company had revenue of $9.31 billion for the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. On average, sell-side analysts predict that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a dividend of $0.3094 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 4.21%. The ex-dividend date is Wednesday, March 5th. Manulife Financial’s payout ratio is 58.45%.

Manulife Financial Company 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.