Assenagon Asset Management S.A. Sells 624,261 Shares of Manulife Financial Corp (NYSE:MFC)

Assenagon Asset Management S.A. cut its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 90.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,157 shares of the financial services provider's stock after selling 624,261 shares during the period. Assenagon Asset Management S.A.'s holdings in Manulife Financial were worth $1,936,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Erste Asset Management GmbH increased its stake in shares of Manulife Financial by 0.6% in the 4th quarter. Erste Asset Management GmbH now owns 69,300 shares of the financial services provider's stock valued at $2,133,000 after acquiring an additional 400 shares in the last quarter. TIAA Trust National Association increased its stake in shares of Manulife Financial by 5.0% in the 4th quarter. TIAA Trust National Association now owns 8,419 shares of the financial services provider's stock valued at $259,000 after acquiring an additional 404 shares in the last quarter. Addison Advisors LLC increased its stake in shares of Manulife Financial by 45.9% in the 4th quarter. Addison Advisors LLC now owns 1,428 shares of the financial services provider's stock valued at $44,000 after acquiring an additional 449 shares in the last quarter. M&T Bank Corp increased its stake in shares of Manulife Financial by 1.2% in the 4th quarter. M&T Bank Corp now owns 40,894 shares of the financial services provider's stock valued at $1,256,000 after acquiring an additional 489 shares in the last quarter. Finally, Ancora Advisors LLC increased its stake in Manulife Financial by 34.7% during the 4th quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock valued at $60,000 after purchasing an additional 500 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Stock Performance

MFC traded up $0.04 during mid-day trading on Friday, reaching $30.67. 2,705,143 shares of the stock were exchanged, compared to its average volume of 2,148,741. The stock has a market capitalization of $52.38 billion, a PE ratio of 16.06, a price-to-earnings-growth ratio of 1.04 and a beta of 1.01. The company has a 50 day moving average price of $30.99 and a two-hundred day moving average price of $30.48. Manulife Financial Corp 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 posted its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.01). The firm had revenue of $1.49 billion for the quarter. Manulife Financial had a return on equity of 15.84% and a net margin of 9.58%. During the same quarter last year, the company earned $0.94 earnings per share. Sell-side analysts expect that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st were issued a dividend of $0.3194 per share. This represents a $1.28 dividend on an annualized basis and a yield of 4.17%. This is an increase from Manulife Financial's previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Wednesday, May 21st. Manulife Financial's payout ratio is currently 67.02%.

Analyst Upgrades and Downgrades

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