Manulife Financial Corp $MFC Shares Sold by Lincluden Management Ltd.

Key Points

• Lincluden Management Ltd. reduced its holdings in Manulife Financial Corp by 2.0%, owning approximately 938,330 shares valued at $29.97 million as of the end of the last quarter.
• Despite this sale, institutional investors own over 52.56% of Manulife Financial's stock, with various firms, including Eastern Bank and Carderock Capital Management, increasing their positions significantly during the same period.
• Analysts have mixed views on the stock, with a consensus rating of "Buy" and a target price averaging around $48.00, alongside a recent earnings miss of $0.69 per share reported for the quarter.

Lincluden Management Ltd. cut its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 2.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 938,330 shares of the financial services provider's stock after selling 19,395 shares during the period. Manulife Financial makes up about 3.3% of Lincluden Management Ltd.'s portfolio, making the stock its 13th largest holding. Lincluden Management Ltd. owned 0.05% of Manulife Financial worth $29,974,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of MFC. Eastern Bank grew its position in shares of Manulife Financial by 156.1% during the 2nd quarter. Eastern Bank now owns 968 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 590 shares during the period. William B. Walkup & Associates Inc. purchased a new position in Manulife Financial in the 1st quarter valued at about $43,000. Oliver Lagore Vanvalin Investment Group purchased a new position in Manulife Financial in the 2nd quarter valued at about $55,000. Carderock Capital Management Inc. purchased a new position in Manulife Financial in the 2nd quarter valued at about $58,000. Finally, Opal Wealth Advisors LLC purchased a new position in Manulife Financial in the 1st quarter valued at about $59,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MFC has been the topic of a number of research reports. Royal Bank Of Canada decreased 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. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Manulife Financial in a research note on Wednesday. Finally, Morgan Stanley set a $47.00 price target on shares of Manulife Financial in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat, Manulife Financial presently has a consensus rating of "Buy" and a consensus target price of $48.00.

Manulife Financial Price Performance

Shares of Manulife Financial stock opened at $31.71 on Friday. The stock has a market cap of $53.73 billion, a P/E ratio of 14.16, a P/E/G ratio of 1.09 and a beta of 0.98. The stock's 50 day simple moving average is $30.98 and its 200-day simple moving average is $30.84. 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 issued 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 company had revenue of $11.30 billion for the quarter. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.During the same quarter in the prior year, the company posted $0.91 EPS. As a group, research analysts expect that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th were issued a dividend of $0.3199 per share. The ex-dividend date was Wednesday, August 20th. This represents a $1.28 annualized dividend and a dividend yield of 4.0%. This is an increase from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's 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.

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