PNC Financial Services Group Inc. Sells 2,926 Shares of Manulife Financial Co. (NYSE:MFC)

PNC Financial Services Group Inc. lessened its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 81,976 shares of the financial services provider’s stock after selling 2,926 shares during the period. PNC Financial Services Group Inc.’s holdings in Manulife Financial were worth $2,517,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in MFC. National Bank of Canada FI increased its holdings in shares of Manulife Financial by 13.5% in the 3rd quarter. National Bank of Canada FI now owns 28,063,936 shares of the financial services provider’s stock worth $829,374,000 after buying an additional 3,329,892 shares during the last quarter. Bridgewater Associates LP boosted its position in Manulife Financial by 169.6% during the 3rd quarter. Bridgewater Associates LP now owns 1,404,481 shares of the financial services provider’s stock valued at $41,554,000 after buying an additional 883,624 shares during the period. Assenagon Asset Management S.A. boosted its position in 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 period. Geode Capital Management LLC raised its holdings in Manulife Financial by 8.1% in the 3rd quarter. Geode Capital Management LLC now owns 8,273,260 shares of the financial services provider’s stock worth $247,473,000 after purchasing an additional 616,517 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Manulife Financial in the 3rd quarter worth $17,412,000. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Performance

Shares of MFC opened at $29.45 on Friday. The company’s fifty day moving average is $30.07 and its 200 day moving average is $30.17. Manulife Financial Co. has a fifty-two week low of $22.61 and a fifty-two week high of $33.07. The stock has a market capitalization of $50.73 billion, a PE ratio of 14.23, a P/E/G ratio of 1.11 and a beta of 1.05.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced 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 net margin of 10.08% and a return on equity of 15.98%. As a group, research analysts forecast that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be paid a dividend of $0.3094 per share. This represents a $1.24 annualized dividend and a yield of 4.20%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, March 5th. Manulife Financial’s payout ratio is presently 58.45%.

Analysts Set New Price Targets

MFC has been the subject of a number of analyst reports. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. Royal Bank of Canada raised their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $45.50.

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.