HB Wealth Management LLC Lowers Holdings in Manulife Financial Corp $MFC

Key Points

• HB Wealth Management LLC reduced its holdings in Manulife Financial Corp by 31.1% during the second quarter, now owning 39,935 shares valued at approximately $1.276 million.
• Manulife Financial's quarterly earnings fell short of estimates, reporting $0.69 earnings per share compared to the consensus of $0.71, while revenue was $11.30 billion.
• The company declared an increased quarterly dividend of $0.3199 per share, representing an annual yield of 4.1%, up from the previous dividend of $0.32.

HB Wealth Management LLC trimmed its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 31.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 39,935 shares of the financial services provider's stock after selling 18,043 shares during the quarter. HB Wealth Management LLC's holdings in Manulife Financial were worth $1,276,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. William B. Walkup & Associates Inc. purchased a new stake in Manulife Financial in the first quarter valued at $43,000. NBC Securities Inc. boosted its holdings in 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 purchasing an additional 1,787 shares during the last quarter. Oliver Lagore Vanvalin Investment Group purchased a new stake in shares of Manulife Financial during the 2nd quarter worth about $55,000. Carderock Capital Management Inc. acquired a new stake in shares of Manulife Financial during the 2nd quarter valued at about $58,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Manulife Financial during the 1st quarter valued at about $59,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MFC has been the topic of a number of analyst reports. Royal Bank Of Canada dropped their target price on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research 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 research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $48.50.

Manulife Financial Trading Down 0.2%

Shares of Manulife Financial stock opened at $31.40 on Friday. The firm has a market capitalization of $53.21 billion, a PE ratio of 14.02, a P/E/G ratio of 1.05 and a beta of 0.98. Manulife Financial Corp has a twelve month low of $25.92 and a twelve month high of $33.07. The firm's 50-day moving average price is $30.85 and its 200 day moving average price is $30.79.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued 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). The company had revenue of $11.30 billion during the quarter. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. During the same quarter in the previous year, the company earned $0.91 earnings per share. On average, sell-side analysts predict 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 Friday, September 19th. Investors of record on Wednesday, August 20th were paid a $0.3199 dividend. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $1.28 dividend on an annualized basis and a yield of 4.1%. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio is 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.

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