Manulife Financial Co. (NYSE:MFC) Shares Sold by USS Investment Management Ltd
USS Investment Management Ltd trimmed its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 27.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 5,704,140 shares of the financial services provider’s stock after selling 2,180,542 shares during the quarter. USS Investment Management Ltd’s holdings in Manulife Financial were worth $115,755,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of MFC. Tobias Financial Advisors Inc. purchased a new position in Manulife Financial in the 4th quarter worth approximately $29,000. Carmichael Hill & Associates Inc. purchased a new position in Manulife Financial in the 4th quarter worth approximately $47,000. Contravisory Investment Management Inc. purchased a new position in Manulife Financial in the 4th quarter worth approximately $61,000. Cerebellum GP LLC purchased a new position in Manulife Financial in the 3rd quarter worth approximately $74,000. Finally, CWM LLC lifted its stake in Manulife Financial by 65.2% in the 3rd quarter. CWM LLC now owns 4,073 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 1,607 shares in the last quarter. Institutional investors own 47.11% of the company’s stock.
MFC has been the topic of a number of research reports. Canaccord Genuity reissued a “buy” rating and issued a $35.00 target price on shares of Manulife Financial in a research note on Thursday. Zacks Investment Research lowered shares of Manulife Financial from a “buy” rating to a “hold” rating and set a $20.00 target price on the stock. in a research note on Friday, November 29th. CIBC reissued a “buy” rating and issued a $29.00 target price on shares of Manulife Financial in a research note on Wednesday, December 11th. Credit Suisse Group initiated coverage on shares of Manulife Financial in a research note on Friday, February 7th. They issued a “neutral” rating and a $29.00 target price on the stock. Finally, Barclays raised their target price on shares of Manulife Financial from $27.00 to $32.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $29.00.
Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, February 12th. The financial services provider reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.17. Manulife Financial had a net margin of 6.45% and a return on equity of 12.86%. The business had revenue of $8.46 billion for the quarter. During the same period last year, the business earned $0.65 earnings per share. On average, equities analysts expect that Manulife Financial Co. will post 2.26 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Tuesday, February 25th will be given a dividend of $0.212 per share. This represents a $0.85 annualized dividend and a dividend yield of 4.30%. The ex-dividend date of this dividend is Monday, February 24th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.19. Manulife Financial’s payout ratio is presently 36.02%.
Manulife Financial Profile
Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing.
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