Manulife Financial Co. (MFC) Shares Sold by Hexavest Inc.
Hexavest Inc. trimmed its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.8% in the fourth quarter, HoldingsChannel reports. The firm owned 622,590 shares of the financial services provider’s stock after selling 11,290 shares during the quarter. Hexavest Inc.’s holdings in Manulife Financial were worth $13,029,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. increased its position in Manulife Financial by 15.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 84,067 shares of the financial services provider’s stock worth $1,576,000 after purchasing an additional 11,353 shares in the last quarter. Barometer Capital Management Inc. acquired a new position in Manulife Financial during the 3rd quarter worth approximately $11,093,000. BB&T Corp increased its position in Manulife Financial by 36.6% during the 3rd quarter. BB&T Corp now owns 54,202 shares of the financial services provider’s stock worth $1,100,000 after purchasing an additional 14,525 shares in the last quarter. Becker Capital Management Inc. acquired a new position in Manulife Financial during the 3rd quarter worth approximately $256,000. Finally, Scotia Capital Inc. increased its position in Manulife Financial by 3.7% during the 2nd quarter. Scotia Capital Inc. now owns 8,014,602 shares of the financial services provider’s stock worth $149,947,000 after purchasing an additional 286,251 shares in the last quarter. Institutional investors and hedge funds own 46.51% of the company’s stock.
Shares of Manulife Financial Co. (NYSE:MFC) opened at $21.81 on Friday. Manulife Financial Co. has a 1-year low of $16.62 and a 1-year high of $21.82. The firm has a market cap of $42,901.36, a P/E ratio of 15.58, a price-to-earnings-growth ratio of 1.12 and a beta of 1.33.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 19th. Shareholders of record on Tuesday, November 21st were issued a dividend of $0.1606 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date was Monday, November 20th. Manulife Financial’s payout ratio is 45.71%.
MFC has been the topic of a number of research reports. Zacks Investment Research raised shares of Manulife Financial from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Tuesday, October 10th. Morgan Stanley boosted their target price on shares of Manulife Financial from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Thursday, October 5th. Finally, ValuEngine lowered shares of Manulife Financial from a “strong-buy” rating to a “buy” rating in a report on Monday, September 18th. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Manulife Financial has an average rating of “Buy” and a consensus price target of $25.00.
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About Manulife Financial
Manulife Financial Corporation (MFC) is a holding company of The Manufacturers Life Insurance Company (MLI), which is a life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), which is a reinsurance company. The Company operates as a financial services company with principal operations in Asia, Canada and the United States.
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