Pictet Asset Management Holding SA Sells 43,034 Shares of Manulife Financial Co. (NYSE:MFC)

Pictet Asset Management Holding SA reduced its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 5.5% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 737,798 shares of the financial services provider’s stock after selling 43,034 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Manulife Financial were worth $22,654,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in MFC. Norges Bank bought a new position in shares of Manulife Financial during the 4th quarter valued at approximately $654,751,000. National Bank of Canada FI grew its holdings in Manulife Financial by 13.5% during the third quarter. National Bank of Canada FI now owns 28,063,936 shares of the financial services provider’s stock valued at $829,374,000 after purchasing an additional 3,329,892 shares during the period. Hillsdale Investment Management Inc. increased its position in Manulife Financial by 216.0% in the fourth quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider’s stock worth $78,110,000 after buying an additional 1,739,853 shares during the last quarter. Mufg Securities Canada LTD. raised its stake in shares of Manulife Financial by 69.5% in the fourth quarter. Mufg Securities Canada LTD. now owns 2,675,176 shares of the financial services provider’s stock valued at $82,130,000 after buying an additional 1,096,933 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in shares of Manulife Financial by 1,067.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 686,418 shares of the financial services provider’s stock valued at $21,080,000 after buying an additional 627,614 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Up 1.3 %

MFC stock opened at $31.17 on Tuesday. The stock has a 50-day simple moving average of $30.15 and a two-hundred day simple moving average of $30.47. Manulife Financial Co. has a twelve month low of $22.61 and a twelve month high of $33.07. The firm has a market capitalization of $53.69 billion, a PE ratio of 15.06, a PEG ratio of 1.11 and a beta of 1.05.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, February 19th. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.07. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. The business had revenue of $9.31 billion for the quarter. On average, equities research analysts anticipate that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a $0.3094 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date was Wednesday, March 5th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.30. Manulife Financial’s dividend payout ratio (DPR) is 58.45%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MFC. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Monday, February 3rd. Royal Bank of Canada lifted their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the company 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 given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Manulife Financial has an average rating of “Buy” and a consensus price target of $45.50.

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.