Manulife Financial Co. (NYSE:MFC) Shares Sold by Addenda Capital Inc.

Addenda Capital Inc. lowered its stake in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 5.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,343,263 shares of the financial services provider's stock after selling 80,121 shares during the quarter. Manulife Financial comprises about 2.0% of Addenda Capital Inc.'s holdings, making the stock its 15th largest position. Addenda Capital Inc. owned approximately 0.08% of Manulife Financial worth $41,843,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Crews Bank & Trust purchased a new position in shares of Manulife Financial during the fourth quarter worth about $26,000. Lee Danner & Bass Inc. acquired a new position in shares of Manulife Financial during the 4th quarter valued at $31,000. Stonebridge Financial Group LLC acquired a new position in shares of Manulife Financial during the 4th quarter valued at $34,000. Golden State Wealth Management LLC acquired a new position in Manulife Financial in the 4th quarter worth $35,000. Finally, Lazard Asset Management LLC acquired a new position in Manulife Financial in the 4th quarter worth $35,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

Manulife Financial Stock Performance

MFC traded up $0.23 during mid-day trading on Thursday, reaching $32.17. 487,819 shares of the stock were exchanged, compared to its average volume of 2,123,464. The company has a 50 day moving average price of $30.40 and a two-hundred day moving average price of $30.55. The stock has a market capitalization of $55.10 billion, a PE ratio of 15.54, a price-to-earnings-growth ratio of 1.11 and a beta of 1.00. Manulife Financial Co. has a 1 year low of $23.30 and a 1 year high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.01). Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. The business had revenue of $1.49 billion during the quarter. During the same period last year, the firm earned $0.94 earnings per share. Sell-side analysts expect that Manulife Financial Co. will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st will be given a dividend of $0.3194 per share. The ex-dividend date is Wednesday, May 21st. This represents a $1.28 annualized dividend and a dividend yield of 3.97%. This is an increase from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's payout ratio is currently 63.87%.

Analyst Ratings Changes

Several research analysts have commented on MFC shares. Morgan Stanley set a $46.00 target price on shares of Manulife Financial in a research report on Monday, May 19th. Royal Bank of Canada lifted their target price on shares of Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $45.67.

Manulife Financial Company 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.