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

Envestnet Asset Management Inc. decreased its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 6.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 998,076 shares of the financial services provider's stock after selling 70,350 shares during the period. Envestnet Asset Management Inc. owned 0.06% of Manulife Financial worth $31,090,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MFC. Norges Bank acquired a new stake in Manulife Financial during the 4th quarter worth approximately $654,751,000. FIL Ltd raised its holdings in shares of Manulife Financial by 21.7% in the 4th quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider's stock valued at $1,216,880,000 after purchasing an additional 7,053,066 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Manulife Financial by 28.7% in the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock valued at $333,291,000 after purchasing an additional 2,377,338 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Manulife Financial by 42.1% in the 4th quarter. Canada Pension Plan Investment Board now owns 7,427,745 shares of the financial services provider's stock valued at $227,895,000 after purchasing an additional 2,200,000 shares in the last quarter. Finally, Hillsdale Investment Management Inc. raised its holdings in shares of Manulife Financial by 216.0% in the 4th quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider's stock valued at $78,110,000 after purchasing an additional 1,739,853 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company's stock.

Manulife Financial Stock Performance

Manulife Financial stock traded down $0.04 during midday trading on Friday, reaching $30.88. 1,180,119 shares of the company were exchanged, compared to its average volume of 2,173,913. Manulife Financial Corp has a 1 year low of $23.30 and a 1 year high of $33.07. The firm's 50-day simple moving average is $31.41 and its 200-day simple moving average is $30.51. The company has a market capitalization of $52.74 billion, a price-to-earnings ratio of 16.16, a P/E/G ratio of 1.03 and a beta of 0.99.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings results 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 business had revenue of $1.49 billion during 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 firm posted $0.94 earnings per share. On average, analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st were issued a $0.3194 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date was Wednesday, May 21st. This is a positive change from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's dividend payout ratio (DPR) is 67.02%.

Analysts Set New Price Targets

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

Manulife Financial 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.