Candriam S.C.A. Sells 145,439 Shares of Manulife Financial Corp $MFC

Key Points

• Candriam S.C.A. reduced its Manulife Financial stake by 20.3% in the first quarter, selling 145,439 shares and leaving it with 570,607 shares worth about $19.6 million.
• Analyst sentiment remains positive, with Manulife holding a Buy consensus rating and an average price target of $51.50; recent notes included an upgrade from Weiss Ratings and reiterated Buy/Outperform ratings from Scotiabank and TD Securities.
• Manulife shares were down slightly to $41.34 and the company recently reported quarterly EPS of $0.77, missing estimates, while also paying a quarterly dividend of $0.485 per share, or a 4.7% annualized yield.

Candriam S.C.A. cut its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 20.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 570,607 shares of the financial services provider's stock after selling 145,439 shares during the quarter. Candriam S.C.A.'s holdings in Manulife Financial were worth $19,593,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of MFC. Basepoint Wealth LLC bought a new position in shares of Manulife Financial during the 4th quarter worth about $25,000. Hantz Financial Services Inc. bought a new position in Manulife Financial in the fourth quarter worth approximately $28,000. Sfam LLC bought a new position in Manulife Financial in the fourth quarter worth approximately $28,000. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in Manulife Financial in the first quarter valued at approximately $29,000. Finally, Heritage Wealth Advisors acquired a new stake in Manulife Financial in the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 52.56% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Weiss Ratings upgraded shares of Manulife Financial from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Thursday, May 28th. Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a report on Wednesday, April 29th. Finally, TD Securities restated a "buy" rating on shares of Manulife Financial in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, Manulife Financial currently has a consensus rating of "Buy" and an average price target of $51.50.

Manulife Financial Trading Down 0.3%

Shares of NYSE:MFC traded down $0.14 during midday trading on Friday, reaching $41.34. The company had a trading volume of 775,329 shares, compared to its average volume of 1,522,835. The stock has a market cap of $68.87 billion, a P/E ratio of 16.41 and a beta of 0.84. The company's 50 day moving average price is $39.63 and its 200 day moving average price is $37.51. Manulife Financial Corp has a 52-week low of $29.70 and a 52-week high of $41.74.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings data on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.79 by ($0.02). The company had revenue of $8.89 billion for the quarter, compared to analysts' expectations of $2.32 billion. Manulife Financial had a return on equity of 16.58% and a net margin of 10.19%.During the same quarter last year, the business posted $0.99 EPS. Research analysts forecast that Manulife Financial Corp will post 3.2 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, May 29th were issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Friday, May 29th. Manulife Financial's payout ratio is 56.75%.

Manulife Financial Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

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