Manulife Financial Co. (NYSE:MFC) Shares Sold by Private Advisor Group LLC

Private Advisor Group LLC reduced its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 76.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,391 shares of the financial services provider’s stock after selling 50,367 shares during the quarter. Private Advisor Group LLC’s holdings in Manulife Financial were worth $340,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Anchor Investment Management LLC purchased a new position in Manulife Financial in the fourth quarter worth approximately $27,000. Trust Co. of Vermont boosted its position in shares of Manulife Financial by 478.5% during the 3rd quarter. Trust Co. of Vermont now owns 1,533 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 1,268 shares during the period. NBC Securities Inc. acquired a new stake in Manulife Financial in the 3rd quarter valued at approximately $32,000. Goodman Advisory Group LLC purchased a new stake in Manulife Financial in the fourth quarter valued at approximately $32,000. Finally, HM Payson & Co. lifted its stake in Manulife Financial by 693.3% during the third quarter. HM Payson & Co. now owns 2,380 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 2,080 shares in the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Trading Down 0.3 %

Shares of MFC opened at $26.28 on Thursday. The firm’s fifty day simple moving average is $24.40 and its 200-day simple moving average is $22.55. The firm has a market capitalization of $47.19 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 0.97 and a beta of 1.08. Manulife Financial Co. has a twelve month low of $17.07 and a twelve month high of $26.81.

Manulife Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.41%. The ex-dividend date of this dividend is Tuesday, May 21st. Manulife Financial’s payout ratio is 69.19%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MFC. Jefferies Financial Group assumed coverage on Manulife Financial in a report on Thursday, February 22nd. They issued a “buy” rating on the stock. National Bank Financial raised shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a research report on Thursday, May 9th. Desjardins upgraded shares of Manulife Financial from a “hold” rating to a “buy” rating in a research note on Thursday, February 15th. Finally, BMO Capital Markets upgraded Manulife Financial from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $31.00 to $35.00 in a research note on Thursday, February 15th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Manulife Financial currently has an average rating of “Moderate Buy” and an average price target of $33.33.

Manulife Financial 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.