Manulife Financial Corp $MFC Shares Sold by Candriam S.C.A.

Key Points

• Candriam S.C.A. reduced its holdings in Manulife Financial Corp by 16.2%, now owning 552,627 shares valued at approximately $17.2 million.
• Manulife Financial recently missed earnings expectations with an EPS of $0.69, falling short of the consensus estimate of $0.71.
• The company announced a quarterly dividend of $0.3199 per share, which reflects a positive change from the previous dividend, representing a 4.3% yield.

Candriam S.C.A. lessened its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 16.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 552,627 shares of the financial services provider's stock after selling 107,059 shares during the quarter. Candriam S.C.A.'s holdings in Manulife Financial were worth $17,217,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. JCIC Asset Management Inc. boosted its stake in Manulife Financial by 5.6% during the 1st quarter. JCIC Asset Management Inc. now owns 6,749 shares of the financial services provider's stock worth $210,000 after purchasing an additional 360 shares during the last quarter. Blair William & Co. IL raised its holdings in shares of Manulife Financial by 1.9% during the 1st quarter. Blair William & Co. IL now owns 19,878 shares of the financial services provider's stock worth $619,000 after acquiring an additional 377 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Manulife Financial by 3.0% during the 1st quarter. Pacer Advisors Inc. now owns 15,405 shares of the financial services provider's stock worth $480,000 after acquiring an additional 444 shares during the period. Napatree Capital LLC raised its holdings in shares of Manulife Financial by 4.7% during the 1st quarter. Napatree Capital LLC now owns 10,279 shares of the financial services provider's stock worth $320,000 after acquiring an additional 465 shares during the period. Finally, Ancora Advisors LLC raised its holdings in shares of Manulife Financial by 34.7% during the 4th quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock worth $60,000 after acquiring an additional 500 shares during the period. Institutional investors and hedge funds own 52.56% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on MFC. Morgan Stanley set a $48.00 price target on Manulife Financial in a report on Monday, August 18th. Royal Bank Of Canada reduced 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. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Manulife Financial currently has a consensus rating of "Moderate Buy" and an average price target of $48.50.

Manulife Financial Trading Down 2.1%

MFC traded down $0.6350 on Monday, hitting $30.1050. The company had a trading volume of 1,322,351 shares, compared to its average volume of 2,334,237. The firm has a market cap of $51.13 billion, a P/E ratio of 13.44, a PEG ratio of 1.03 and a beta of 1.01. The company's fifty day moving average price is $30.87 and its 200 day moving average price is $30.57. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.02). The firm 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 period in the prior year, the company posted $0.91 earnings per share. On average, analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th will be given a $0.3199 dividend. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $1.28 annualized dividend and a yield of 4.3%. This is an increase from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio is presently 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.