Caisse DE Depot ET Placement DU Quebec Sells 609,496 Shares of Manulife Financial Corp $MFC

Key Points

• Caisse DE Depot ET Placement DU Quebec significantly reduced its holdings in Manulife Financial by 52%, now owning 563,134 shares valued at approximately $17.5 million.
• Manulife Financial's stock recently reported a quarterly dividend increase to $0.3199, with a dividend yield of 4.2% and a dividend payout ratio of 56.70%.
• Despite missing earnings expectations with an EPS of $0.69, the company's stock currently holds a "Moderate Buy" rating with a target price averaging $48.50 from analysts.

Caisse DE Depot ET Placement DU Quebec cut its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 52.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 563,134 shares of the financial services provider's stock after selling 609,496 shares during the quarter. Caisse DE Depot ET Placement DU Quebec's holdings in Manulife Financial were worth $17,545,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of MFC. Brighton Jones LLC boosted its position in Manulife Financial by 33.9% during the 4th quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider's stock worth $288,000 after acquiring an additional 2,376 shares during the last quarter. Beacon Pointe Advisors LLC acquired a new position in Manulife Financial during the 4th quarter worth approximately $216,000. Northern Trust Corp boosted its position in Manulife Financial by 25.2% during the 4th quarter. Northern Trust Corp now owns 2,089,929 shares of the financial services provider's stock worth $64,182,000 after acquiring an additional 420,722 shares during the last quarter. Lido Advisors LLC boosted its position in Manulife Financial by 199.2% during the 4th quarter. Lido Advisors LLC now owns 37,732 shares of the financial services provider's stock worth $1,159,000 after acquiring an additional 25,123 shares during the last quarter. Finally, Triumph Capital Management boosted its position in Manulife Financial by 16.0% during the 4th quarter. Triumph Capital Management now owns 13,297 shares of the financial services provider's stock worth $408,000 after acquiring an additional 1,833 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Stock Performance

MFC traded up $0.12 during trading hours on Monday, reaching $30.79. The company's stock had a trading volume of 1,235,635 shares, compared to its average volume of 2,602,345. Manulife Financial Corp has a 52 week low of $25.92 and a 52 week high of $33.07. The company's 50-day moving average is $30.83 and its 200-day moving average is $30.59. The firm has a market cap of $52.29 billion, a PE ratio of 13.74, a price-to-earnings-growth ratio of 1.03 and a beta of 0.99.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings results 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 business had revenue of $11.30 billion during the quarter. During the same quarter in the previous year, the business posted $0.91 EPS. Equities analysts anticipate that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared 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 boost 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 currently 56.70%.

Analysts Set New Price Targets

MFC has been the subject of a number of recent research reports. Morgan Stanley set a $48.00 price target on Manulife Financial in a research 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 for the company in a research report on Friday, August 8th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $48.50.

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.