APG Asset Management N.V. Reduces Stock Position in Manulife Financial Corp $MFC

Key Points

• APG Asset Management N.V. has reduced its stock holdings in Manulife Financial Corp by 1.6%, now owning approximately 956,100 shares valued at $27.6 million.
• Several other institutional investors have increased their positions in Manulife, with British Columbia Investment Management Corp boosting its holdings by 23.3% in the same quarter.
• Manulife Financial recently reported earnings, posting $0.69 EPS for the quarter, which was below analysts' expectations, along with an announced quarterly dividend of $0.3199 per share.

APG Asset Management N.V. cut its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 1.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 956,100 shares of the financial services provider's stock after selling 15,900 shares during the quarter. APG Asset Management N.V. owned approximately 0.06% of Manulife Financial worth $27,575,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. increased its holdings in Manulife Financial by 7.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 77,275 shares of the financial services provider's stock worth $2,407,000 after purchasing an additional 5,446 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Manulife Financial by 23.3% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,433,146 shares of the financial services provider's stock valued at $44,663,000 after acquiring an additional 270,549 shares during the last quarter. Kestra Advisory Services LLC increased its holdings in shares of Manulife Financial by 1.9% in the 1st quarter. Kestra Advisory Services LLC now owns 69,611 shares of the financial services provider's stock valued at $2,168,000 after acquiring an additional 1,300 shares during the last quarter. Compound Planning Inc. increased its holdings in shares of Manulife Financial by 3.7% in the 1st quarter. Compound Planning Inc. now owns 24,418 shares of the financial services provider's stock valued at $761,000 after acquiring an additional 860 shares during the last quarter. Finally, 1832 Asset Management L.P. increased its holdings in shares of Manulife Financial by 7.3% in the 1st 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 during the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MFC. Royal Bank Of Canada lowered their price target on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Morgan Stanley set a $48.00 price target on Manulife Financial in a report on Monday, August 18th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $48.50.

Manulife Financial Price Performance

Shares of MFC opened at $30.7250 on Friday. The company has a market cap of $52.19 billion, a P/E ratio of 13.72, a PEG ratio of 1.03 and a beta of 1.01. The stock has a fifty day moving average price of $30.87 and a 200 day moving average price of $30.57. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 EPS for the quarter, missing analysts' consensus estimates of $0.71 by ($0.02). The company had revenue of $11.30 billion for the quarter. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.During the same period in the prior year, the firm posted $0.91 EPS. As a group, research analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, August 20th will be paid a dividend of $0.3199 per share. This represents a $1.28 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Wednesday, August 20th. This is an increase from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio (DPR) is currently 56.70%.

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.

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