Envestnet Asset Management Inc. Reduces Stock Position in Manulife Financial Corp (NYSE:MFC)

Envestnet Asset Management Inc. decreased its stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 6.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 998,076 shares of the financial services provider's stock after selling 70,350 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of Manulife Financial worth $31,090,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Lee Danner & Bass Inc. purchased a new position in shares of Manulife Financial during the 4th quarter worth approximately $31,000. Lazard Asset Management LLC purchased a new stake in Manulife Financial in the fourth quarter worth $35,000. Transce3nd LLC bought a new position in Manulife Financial in the fourth quarter worth $42,000. Millstone Evans Group LLC purchased a new position in Manulife Financial during the fourth quarter valued at $44,000. Finally, Graney & King LLC bought a new stake in shares of Manulife Financial during the 4th quarter valued at $53,000. Institutional investors own 52.56% of the company's stock.

Manulife Financial Trading Down 0.7%

Manulife Financial stock traded down $0.23 during mid-day trading on Tuesday, hitting $30.26. The company had a trading volume of 2,200,804 shares, compared to its average volume of 2,176,645. Manulife Financial Corp has a 12 month low of $23.30 and a 12 month high of $33.07. The company has a market capitalization of $51.68 billion, a PE ratio of 15.84, a price-to-earnings-growth ratio of 1.04 and a beta of 0.99. The stock's 50 day moving average price is $31.45 and its two-hundred day moving average price is $30.51.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). The firm had revenue of $1.49 billion for the quarter. Manulife Financial had a net margin of 9.58% and a return on equity of 15.84%. During the same quarter last year, the business earned $0.94 earnings per share. Equities research analysts anticipate 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 given a $0.3194 dividend. The ex-dividend date was Wednesday, May 21st. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 4.22%. Manulife Financial's dividend payout ratio is 67.02%.

Analyst Upgrades and Downgrades

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

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.