Manulife Financial Corp $MFC Stock Holdings Lowered 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 stake in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 10.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,662,169 shares of the financial services provider's stock after selling 645,585 shares during the period. Amundi owned 0.33% of Manulife Financial worth $176,377,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Aprio Wealth Management LLC boosted its position in shares of Manulife Financial by 7.4% during the first quarter. Aprio Wealth Management LLC now owns 13,394 shares of the financial services provider's stock valued at $417,000 after buying an additional 926 shares during the last quarter. PDT Partners LLC purchased a new stake in shares of Manulife Financial in the first quarter worth $2,472,000. Focus Partners Advisor Solutions LLC raised its stake in Manulife Financial by 37.3% in the first quarter. Focus Partners Advisor Solutions LLC now owns 11,086 shares of the financial services provider's stock valued at $345,000 after purchasing an additional 3,011 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Manulife Financial during the first quarter worth approximately $4,853,000. Finally, Graham Capital Management L.P. increased its position in shares of Manulife Financial by 49.0% in the first quarter. Graham Capital Management L.P. now owns 298,623 shares of the financial services provider's stock valued at $9,302,000 after acquiring an additional 98,182 shares during the period. Institutional investors and hedge funds own 52.56% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on MFC shares. Royal Bank Of Canada reduced their target price on shares of 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 price target on shares of Manulife Financial in a research note on Monday, August 18th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $48.50.

Manulife Financial Price Performance

Shares of Manulife Financial stock traded down $0.00 on Wednesday, reaching $30.86. 266,835 shares of the company were exchanged, compared to its average volume of 2,306,749. The company has a market cap of $52.41 billion, a P/E ratio of 13.77, a price-to-earnings-growth ratio of 1.03 and a beta of 0.99. The stock's 50 day moving average price is $30.68 and its 200-day moving average price is $30.61. 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 posted its quarterly earnings data 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). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The firm had revenue of $11.30 billion during the quarter. During the same quarter last year, the business posted $0.91 EPS. On average, research analysts predict that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th will be issued 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 dividend yield of 4.1%. Manulife Financial's dividend payout ratio (DPR) 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.