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Manulife Financial Corp (NYSE:MFC) Shares Sold by Lincluden Management Ltd.

Manulife Financial logo with Finance background

Lincluden Management Ltd. trimmed its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 17.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 957,725 shares of the financial services provider's stock after selling 195,557 shares during the period. Manulife Financial accounts for about 3.8% of Lincluden Management Ltd.'s holdings, making the stock its 9th biggest holding. Lincluden Management Ltd. owned 0.06% of Manulife Financial worth $29,843,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Geode Capital Management LLC grew its holdings in shares of Manulife Financial by 28.7% in the fourth quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock valued at $333,291,000 after purchasing an additional 2,377,338 shares during the period. Prudential Financial Inc. boosted its stake in Manulife Financial by 60.4% during the fourth quarter. Prudential Financial Inc. now owns 36,200 shares of the financial services provider's stock worth $1,112,000 after buying an additional 13,638 shares during the period. Rossby Financial LCC purchased a new position in Manulife Financial during the first quarter worth about $243,000. Mackenzie Financial Corp boosted its stake in 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 worth $755,367,000 after buying an additional 230,105 shares during the period. Finally, Affinity Wealth Management LLC purchased a new position in Manulife Financial during the first quarter worth about $3,934,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Morgan Stanley set a $46.00 target price on shares of Manulife Financial in a research note on Monday, May 19th.

Read Our Latest Stock Analysis on Manulife Financial

Manulife Financial Trading Up 0.5%

NYSE:MFC traded up $0.17 during mid-day trading on Friday, hitting $31.31. The stock had a trading volume of 855,908 shares, compared to its average volume of 1,959,064. The stock has a 50-day simple moving average of $31.33 and a two-hundred day simple moving average of $30.52. The company has a market capitalization of $53.47 billion, a PE ratio of 16.39, a PEG ratio of 1.05 and a beta of 0.99. Manulife Financial Corp has a twelve month low of $23.30 and a twelve month high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.01). Manulife Financial had a return on equity of 15.84% and a net margin of 9.58%. The business had revenue of $1.49 billion for the quarter. During the same quarter in the previous year, the business posted $0.94 EPS. 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 announced a quarterly dividend, which was paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st were given a dividend of $0.3194 per share. This is a positive change from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 4.08%. The ex-dividend date was Wednesday, May 21st. Manulife Financial's payout ratio is presently 67.02%.

About Manulife Financial

(Free Report)

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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Institutional Ownership by Quarter for Manulife Financial (NYSE:MFC)

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