Manulife Financial Corp (NYSE:MFC) Shares Sold by Cidel Asset Management Inc.

Cidel Asset Management Inc. decreased its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 482,482 shares of the financial services provider's stock after selling 12,251 shares during the quarter. Cidel Asset Management Inc.'s holdings in Manulife Financial were worth $15,032,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in MFC. K.J. Harrison & Partners Inc raised its holdings in shares of Manulife Financial by 62.2% in the 1st quarter. K.J. Harrison & Partners Inc now owns 78,059 shares of the financial services provider's stock valued at $2,435,000 after purchasing an additional 29,929 shares in the last quarter. Little House Capital LLC grew its stake in Manulife Financial by 5.1% during the 1st quarter. Little House Capital LLC now owns 35,488 shares of the financial services provider's stock worth $1,105,000 after buying an additional 1,721 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Manulife Financial by 4.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 437,523 shares of the financial services provider's stock worth $13,896,000 after buying an additional 16,873 shares during the period. Gold Investment Management Ltd. lifted its stake in Manulife Financial by 4.5% in the first quarter. Gold Investment Management Ltd. now owns 191,492 shares of the financial services provider's stock valued at $5,969,000 after buying an additional 8,275 shares during the last quarter. Finally, Achmea Investment Management B.V. boosted its holdings in shares of Manulife Financial by 4.4% in the first quarter. Achmea Investment Management B.V. now owns 889,777 shares of the financial services provider's stock valued at $27,721,000 after acquiring an additional 37,226 shares during the period. Hedge funds and other institutional investors own 52.56% of the company's stock.

Analysts Set New Price Targets

Separately, Morgan Stanley set a $46.00 price target on shares of Manulife Financial in a research report on Monday, May 19th.

Manulife Financial Stock Up 0.5%

Shares of NYSE MFC traded up $0.17 during midday trading on Friday, hitting $31.62. The company had a trading volume of 936,889 shares, compared to its average volume of 2,172,964. Manulife Financial Corp has a twelve month low of $23.30 and a twelve month high of $33.07. The firm has a market capitalization of $54.01 billion, a price-to-earnings ratio of 16.56, a price-to-earnings-growth ratio of 1.07 and a beta of 0.99. The business has a 50-day simple moving average of $31.47 and a two-hundred day simple moving average of $30.50.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.01). The firm had revenue of $1.49 billion during the quarter. Manulife Financial had a net margin of 9.58% and a return on equity of 15.84%. During the same period in the prior year, the firm earned $0.94 earnings per share. On average, equities analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 19th. Investors of record on Wednesday, May 21st were paid a $0.3194 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 4.04%. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. The ex-dividend date was Wednesday, May 21st. Manulife Financial's dividend payout ratio is presently 67.02%.

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.