Guardian Partners Inc. Has $5.17 Million Holdings in Manulife Financial Corp $MFC

Key Points

• Guardian Partners Inc. has reduced its stake in Manulife Financial Corp by 6.4%, now holding 179,891 shares worth approximately $5.17 million.
• Manulife Financial reported $0.69 earnings per share for the quarter, missing analysts' estimates of $0.71, and had total revenue of $11.30 billion.
• The company announced a quarterly dividend increase to $0.3199 per share, which reflects an annual yield of 4.2%.

Guardian Partners Inc. reduced its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 6.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 179,891 shares of the financial services provider's stock after selling 12,296 shares during the period. Guardian Partners Inc.'s holdings in Manulife Financial were worth $5,165,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Rossby Financial LCC acquired a new position in shares of Manulife Financial during the first quarter valued at $243,000. Mackenzie Financial Corp increased its holdings in shares of Manulife Financial by 0.9% during the fourth quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider's stock valued at $755,367,000 after purchasing an additional 230,105 shares during the period. Affinity Wealth Management LLC acquired a new position in shares of Manulife Financial during the first quarter valued at $3,934,000. Intact Investment Management Inc. increased its holdings in shares of Manulife Financial by 17.2% during the first quarter. Intact Investment Management Inc. now owns 2,527,925 shares of the financial services provider's stock valued at $78,780,000 after purchasing an additional 370,570 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of Manulife Financial by 5.8% during the first quarter. JPMorgan Chase & Co. now owns 9,501,434 shares of the financial services provider's stock valued at $295,970,000 after purchasing an additional 521,451 shares during the period. 52.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Manulife Financial Stock Performance

Shares of NYSE:MFC traded up $0.10 during midday trading on Friday, reaching $31.89. The company had a trading volume of 1,038,523 shares, compared to its average volume of 2,193,705. Manulife Financial Corp has a 1-year low of $25.92 and a 1-year high of $33.07. The firm has a market cap of $54.04 billion, a price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 1.06 and a beta of 0.99. The company has a fifty day simple moving average of $30.68 and a two-hundred day simple moving average of $30.63.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing analysts' consensus estimates of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The company had revenue of $11.30 billion during the quarter. During the same period last year, the business earned $0.91 EPS. Analysts expect 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 will be paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th will be given a dividend of $0.3199 per share. This represents a $1.28 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Wednesday, August 20th. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio is 56.70%.

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.