Candriam S.C.A. Sells 107,059 Shares of Manulife Financial Corp $MFC

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. reduced its position in 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 firm 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.

Other hedge funds also recently made changes to their positions in the company. Lazard Asset Management LLC acquired a new stake in shares of Manulife Financial in the 4th quarter valued at approximately $35,000. Transce3nd LLC acquired a new stake in shares of Manulife Financial in the 4th quarter valued at approximately $42,000. William B. Walkup & Associates Inc. acquired a new stake in shares of Manulife Financial in the 1st quarter valued at approximately $43,000. NBC Securities Inc. boosted its stake in shares of Manulife Financial by 178,700.0% in the 1st 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 in the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Manulife Financial in the 1st quarter valued at approximately $59,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Trading Down 0.1%

NYSE:MFC traded down $0.03 during mid-day trading on Tuesday, hitting $30.03. 741,400 shares of the company's stock were exchanged, compared to its average volume of 2,328,738. The company has a 50 day simple moving average of $30.84 and a 200-day simple moving average of $30.57. Manulife Financial Corp has a fifty-two week low of $25.92 and a fifty-two week high of $33.07. The firm has a market capitalization of $51.01 billion, a P/E ratio of 13.39, a PEG ratio of 1.03 and a beta of 1.01.

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 (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.The firm had revenue of $11.30 billion for the quarter. During the same period last year, the firm posted $0.91 EPS. As a group, analysts expect that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th will be issued a dividend of $0.3199 per share. This represents a $1.28 annualized dividend and a yield of 4.3%. The ex-dividend date is Wednesday, August 20th. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio (DPR) is 56.70%.

Analyst Ratings Changes

A number of research firms have recently weighed in on MFC. Royal Bank Of Canada reduced their price target on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Morgan Stanley set a $48.00 price target on shares of Manulife Financial in a research note on Monday, August 18th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $48.50.

Manulife Financial Company 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.