Acadian Asset Management LLC Cuts Position in Manulife Financial Corp $MFC

Key Points

• Acadian Asset Management LLC reduced its stake in Manulife Financial Corp by 51.4% in the first quarter, holding 631,547 shares valued at approximately $19.67 million after selling over 667,000 shares.
• Manulife Financial recently declared a quarterly dividend of $0.3199 per share, marking an increase from its previous dividend and representing an annual yield of 4.0%.
• Despite a missed earnings estimate for the quarter, with reported earnings per share of $0.69 compared to a consensus of $0.71, analysts maintain a "Buy" rating with a price target averaging around $48.50.

Acadian Asset Management LLC trimmed its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 51.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 631,547 shares of the financial services provider's stock after selling 667,209 shares during the quarter. Acadian Asset Management LLC's holdings in Manulife Financial were worth $19,668,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Manulife Financial by 0.5% during the first quarter. Vanguard Group Inc. now owns 74,333,649 shares of the financial services provider's stock worth $2,316,162,000 after purchasing an additional 369,638 shares in the last quarter. TD Asset Management Inc lifted its position in shares of Manulife Financial by 6.6% in the first quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider's stock valued at $1,155,639,000 after acquiring an additional 2,289,205 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Manulife Financial by 0.9% in the fourth quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider's stock valued at $755,367,000 after acquiring an additional 230,105 shares in the last quarter. 1832 Asset Management L.P. lifted its position in shares of Manulife Financial by 7.3% in the first quarter. 1832 Asset Management L.P. now owns 24,425,465 shares of the financial services provider's stock valued at $760,853,000 after acquiring an additional 1,660,626 shares in the last quarter. Finally, Toronto Dominion Bank lifted its position in shares of Manulife Financial by 4.1% in the fourth quarter. Toronto Dominion Bank now owns 22,812,909 shares of the financial services provider's stock valued at $699,948,000 after acquiring an additional 902,466 shares in the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MFC. Morgan Stanley set a $48.00 price objective on Manulife Financial in a research report on Monday, August 18th. Royal Bank Of Canada reduced their price objective on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $48.50.

Manulife Financial Stock Performance

NYSE MFC traded up $0.10 during trading hours on Friday, hitting $31.89. 1,038,523 shares of the company's stock were exchanged, compared to its average volume of 2,091,922. The business's 50 day moving average is $30.68 and its 200-day moving average is $30.63. Manulife Financial Corp has a 12-month low of $25.92 and a 12-month high of $33.07. The firm has a market capitalization of $54.04 billion, a P/E ratio of 14.24, a price-to-earnings-growth ratio of 1.07 and a beta of 0.99.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.The business had revenue of $11.30 billion for the quarter. During the same quarter in the previous year, the business earned $0.91 EPS. As a group, equities research analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, August 20th will be given a dividend of $0.3199 per share. This represents a $1.28 annualized dividend and a yield of 4.0%. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, August 20th. Manulife Financial's dividend payout ratio (DPR) is currently 56.70%.

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.