Focus Partners Wealth Sells 9,459 Shares of Manulife Financial Corp $MFC

Key Points

• Focus Partners Wealth has decreased its holdings in Manulife Financial Corp by 1.2%, selling 9,459 shares, and now owns 758,388 shares valued at approximately $23.6 million.
• Manulife Financial reported a quarterly earnings miss with EPS of $0.69, which was below the consensus estimate of $0.71, while also announcing a modest dividend increase yielding 4% annually.
• The stock has a current price of $31.80, with a 52-week low of $25.92 and a high of $33.07, while analysts maintain a consensus rating of "Buy" with a target price of $48.50.

Focus Partners Wealth decreased its stake in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 1.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 758,388 shares of the financial services provider's stock after selling 9,459 shares during the quarter. Focus Partners Wealth's holdings in Manulife Financial were worth $23,624,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MFC. Plato Investment Management Ltd increased its holdings in Manulife Financial by 36.7% during the 1st quarter. Plato Investment Management Ltd now owns 17,260 shares of the financial services provider's stock worth $544,000 after purchasing an additional 4,637 shares during the period. Empowered Funds LLC boosted its position in Manulife Financial by 18.7% during the 1st quarter. Empowered Funds LLC now owns 56,418 shares of the financial services provider's stock valued at $1,757,000 after acquiring an additional 8,900 shares in the last quarter. Ascent Group LLC bought a new stake in Manulife Financial during the 1st quarter valued at $272,000. United Services Automobile Association boosted its position in Manulife Financial by 0.8% during the 1st quarter. United Services Automobile Association now owns 60,000 shares of the financial services provider's stock valued at $1,848,000 after acquiring an additional 471 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC boosted its position in shares of Manulife Financial by 19.1% in the 1st quarter. Ashton Thomas Private Wealth LLC now owns 143,994 shares of the financial services provider's stock worth $4,485,000 after purchasing an additional 23,132 shares in the last quarter. 52.56% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Morgan Stanley set a $48.00 price objective on Manulife Financial in a research note on Monday, August 18th. Royal Bank Of Canada decreased their price target on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $48.50.

Manulife Financial Stock Down 0.9%

NYSE:MFC traded down $0.28 during trading hours on Wednesday, reaching $31.21. 551,835 shares of the company's stock were exchanged, compared to its average volume of 2,284,830. The company has a market capitalization of $52.88 billion, a P/E ratio of 13.94, a price-to-earnings-growth ratio of 1.08 and a beta of 0.99. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $33.07. The business's 50-day simple moving average is $30.73 and its two-hundred day simple moving average is $30.65.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.71 by ($0.02). The company had revenue of $11.30 billion during the quarter. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.During the same period last year, the firm posted $0.91 EPS. As a group, sell-side analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th will be paid a $0.3199 dividend. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Wednesday, August 20th. Manulife Financial's payout ratio is presently 56.70%.

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.