Manulife Financial Corp (NYSE:MFC) Shares Sold by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd reduced its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 77.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 34,440 shares of the financial services provider's stock after selling 119,326 shares during the period. Harvest Fund Management Co. Ltd's holdings in Manulife Financial were worth $1,074,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MFC. Lazard Asset Management LLC purchased a new position in Manulife Financial in the fourth quarter valued at about $35,000. Transce3nd LLC acquired a new stake in Manulife Financial in the fourth quarter valued at $42,000. NBC Securities Inc. increased its position in shares of Manulife Financial by 178,700.0% in the first quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock valued at $55,000 after buying an additional 1,787 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in shares of Manulife Financial during the 1st quarter worth $59,000. Finally, Ancora Advisors LLC boosted its position in shares of Manulife Financial by 34.7% in the 4th quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock worth $60,000 after buying an additional 500 shares in the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Trading Down 1.6%

Shares of NYSE:MFC traded down $0.50 on Friday, hitting $30.46. The company had a trading volume of 2,232,975 shares, compared to its average volume of 1,744,406. The business has a 50 day moving average of $31.30 and a 200 day moving average of $30.55. The company has a market cap of $51.89 billion, a PE ratio of 15.95, a PEG ratio of 1.04 and a beta of 1.01. Manulife Financial Corp has a 52-week low of $23.30 and a 52-week high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings results 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 business had revenue of $1.49 billion during the quarter. Manulife Financial had a net margin of 9.58% and a return on equity of 15.84%. During the same period last year, the business earned $0.94 EPS. As a group, equities analysts predict that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 19th. Investors of record on Wednesday, May 21st were issued a $0.3194 dividend. This is an increase from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Wednesday, May 21st. Manulife Financial's dividend payout ratio (DPR) is currently 67.02%.

Analyst Ratings Changes

Separately, Morgan Stanley set a $46.00 target price on shares of Manulife Financial in a report 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.