Manulife Financial Corp $MFC Shares Sold by Amundi

Key Points

• Amundi has reduced its stake in Manulife Financial Corp by 10.2%, selling 645,585 shares during the first quarter, leaving it with 5,662,169 shares valued at approximately $176 million.
• Manulife Financial reported $0.69 earnings per share for the most recent quarter, missing estimates of $0.71, while also announcing a quarterly dividend increase to $0.3199.
• Analysts have a consensus rating of "Buy" for Manulife Financial, with an average price target of $48.50, though some have recently adjusted their estimates downward.

Amundi decreased its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 10.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,662,169 shares of the financial services provider's stock after selling 645,585 shares during the quarter. Amundi owned 0.33% of Manulife Financial worth $176,377,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of MFC. Lazard Asset Management LLC bought a new position in Manulife Financial in the fourth quarter worth approximately $35,000. William B. Walkup & Associates Inc. bought a new position in Manulife Financial in the first quarter worth approximately $43,000. NBC Securities Inc. grew its stake 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 worth $55,000 after purchasing an additional 1,787 shares in the last quarter. Opal Wealth Advisors LLC bought a new position in Manulife Financial in the first quarter worth approximately $59,000. Finally, Ancora Advisors LLC grew its stake in Manulife Financial by 34.7% in the fourth quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock worth $60,000 after purchasing an additional 500 shares in the last quarter. Institutional investors own 52.56% of the company's stock.

Manulife Financial Trading Up 0.3%

Shares of MFC traded up $0.11 during midday trading on Monday, hitting $30.77. 2,528,684 shares of the company's stock traded hands, compared to its average volume of 2,319,407. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $33.07. The firm's fifty day moving average is $30.73 and its 200-day moving average is $30.61. The stock has a market capitalization of $52.26 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.02 and a beta of 0.99.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The business had revenue of $11.30 billion for the quarter. During the same period in the previous year, the company posted $0.91 EPS. On average, equities research analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, August 20th will be paid a $0.3199 dividend. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, August 20th. This represents a $1.28 dividend on an annualized basis and a yield of 4.2%. Manulife Financial's dividend payout ratio (DPR) is 56.70%.

Analyst Upgrades and Downgrades

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

Manulife Financial 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.