Grantham Mayo Van Otterloo & Co. LLC Sells 735,252 Shares of Manulife Financial Corp $MFC

Key Points

• Grantham Mayo Van Otterloo & Co. LLC sold 735,252 shares of Manulife, trimming its stake by 24.5% to 2,266,701 shares worth about $70.6 million (roughly 0.13% of the company).
• Manulife raised its quarterly dividend to $0.485 (up from $0.44), an annualized $1.94 representing a ~5.8% yield, with an ex-dividend date of Feb. 25 and payment on Mar. 19.
• Manulife beat EPS expectations with $0.80 for the quarter and reported $11.32 billion in revenue, showed a 16.43% ROE and 9.18% net margin, and carries an average analyst price target of about $51.50 (consensus rating: Buy).

Grantham Mayo Van Otterloo & Co. LLC lowered its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 24.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,266,701 shares of the financial services provider's stock after selling 735,252 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC owned 0.13% of Manulife Financial worth $70,623,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Root Financial Partners LLC bought a new stake in shares of Manulife Financial in the 3rd quarter valued at $25,000. Caldwell Trust Co bought a new position in Manulife Financial during the second quarter worth about $27,000. American Wealth Advisors LLC acquired a new position in Manulife Financial in the third quarter valued at about $36,000. Winnow Wealth LLC acquired a new position in Manulife Financial in the second quarter valued at about $38,000. Finally, Goodman Advisory Group LLC bought a new stake in shares of Manulife Financial in the second quarter worth about $39,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Stock Performance

NYSE:MFC opened at $33.65 on Friday. The stock has a 50-day simple moving average of $36.75 and a 200 day simple moving average of $34.26. Manulife Financial Corp has a 52-week low of $25.92 and a 52-week high of $38.72. The company has a market cap of $56.42 billion, a PE ratio of 15.16 and a beta of 0.83.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its earnings results on Wednesday, February 11th. The financial services provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.76 by $0.04. The firm had revenue of $11.32 billion for the quarter, compared to analysts' expectations of $2.32 billion. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.During the same quarter in the previous year, the business posted $1.03 EPS. On average, research analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Wednesday, February 25th will be given a $0.485 dividend. This is a boost from Manulife Financial's previous quarterly dividend of $0.44. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend is Wednesday, February 25th. Manulife Financial's payout ratio is presently 63.96%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Morgan Stanley set a $51.00 price objective on Manulife Financial in a report on Monday, December 15th. Canadian Imperial Bank of Commerce raised Manulife Financial from a "neutral" rating to an "outperform" rating in a research note on Thursday, January 8th. Weiss Ratings downgraded shares of Manulife Financial from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday, February 13th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Manulife Financial in a research note on Friday, November 14th. Finally, Royal Bank Of Canada reiterated an "outperform" rating on shares of Manulife Financial in a report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $51.50.

About Manulife Financial

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

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