Thrivent Financial for Lutherans Trims Holdings in Manulife Financial Co. (NYSE:MFC)

Thrivent Financial for Lutherans reduced its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 0.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 181,726 shares of the financial services provider’s stock after selling 1,476 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Manulife Financial were worth $5,864,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Commerce Bank grew its holdings in shares of Manulife Financial by 24.3% in the third quarter. Commerce Bank now owns 13,696 shares of the financial services provider’s stock valued at $405,000 after purchasing an additional 2,676 shares during the period. Intech Investment Management LLC grew its stake in shares of Manulife Financial by 37.1% in the 3rd quarter. Intech Investment Management LLC now owns 128,710 shares of the financial services provider’s stock valued at $3,808,000 after buying an additional 34,838 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Manulife Financial by 3.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,186,930 shares of the financial services provider’s stock worth $153,455,000 after buying an additional 158,216 shares during the last quarter. Citigroup Inc. raised its position in shares of Manulife Financial by 0.6% during the 3rd quarter. Citigroup Inc. now owns 792,694 shares of the financial services provider’s stock valued at $23,453,000 after buying an additional 4,730 shares during the period. Finally, Nwam LLC purchased a new stake in shares of Manulife Financial during the 3rd quarter valued at approximately $815,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Stock Performance

Shares of MFC stock opened at $30.45 on Monday. Manulife Financial Co. has a one year low of $22.61 and a one year high of $33.07. The firm’s 50 day moving average price is $30.05 and its 200-day moving average price is $30.31. The firm has a market cap of $52.45 billion, a P/E ratio of 14.71, a P/E/G ratio of 1.11 and a beta of 1.05.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.67 by $0.07. The business had revenue of $9.31 billion during the quarter. Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. As a group, research analysts predict that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.3094 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 4.06%. Manulife Financial’s dividend payout ratio is 58.45%.

Analyst Ratings Changes

Several research firms have issued reports on MFC. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a research note on Monday, February 3rd. Royal Bank of Canada raised their price objective on Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Manulife Financial has a consensus rating of “Buy” and a consensus target price of $45.50.

About Manulife Financial

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.