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

Cidel Asset Management Inc. reduced its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 2.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of Manulife Financial by 33.9% during the 4th quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider's stock valued at $288,000 after acquiring an additional 2,376 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Manulife Financial by 11.6% in the fourth quarter. Principal Financial Group Inc. now owns 73,100 shares of the financial services provider's stock valued at $2,245,000 after purchasing an additional 7,600 shares during the period. Bank of New York Mellon Corp grew its holdings in Manulife Financial by 4.7% in the fourth quarter. Bank of New York Mellon Corp now owns 1,809,774 shares of the financial services provider's stock valued at $55,578,000 after purchasing an additional 81,799 shares during the period. Oppenheimer & Co. Inc. increased its position in Manulife Financial by 1.2% during the fourth quarter. Oppenheimer & Co. Inc. now owns 57,316 shares of the financial services provider's stock worth $1,760,000 after purchasing an additional 655 shares during the last quarter. Finally, QRG Capital Management Inc. purchased a new position in Manulife Financial during the fourth quarter worth approximately $211,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Stock Performance

Shares of NYSE:MFC traded up $0.17 during trading on Friday, reaching $31.62. 936,889 shares of the stock were exchanged, compared to its average volume of 2,172,964. The firm's 50-day moving average price is $31.50 and its 200 day moving average price is $30.50. The firm has a market cap of $54.01 billion, a price-to-earnings ratio of 16.56, a price-to-earnings-growth ratio of 1.09 and a beta of 0.99. Manulife Financial Corp has a 12-month low of $23.30 and a 12-month 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 earnings per share for the quarter, missing analysts' consensus estimates of $0.70 by ($0.01). Manulife Financial had a net margin of 9.58% and a return on equity of 15.84%. The business had revenue of $1.49 billion for the quarter. During the same quarter last year, the business posted $0.94 earnings per share. As a group, equities research analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 19th. Investors of record on Wednesday, May 21st were given a dividend of $0.3194 per share. 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 67.02%.

Analyst Upgrades and Downgrades

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

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.