Manulife Financial Corp $MFC Shares Sold by Lombard Odier Asset Management Europe Ltd

Key Points

• Lombard Odier Asset Management Europe cut its Manulife Financial stake by 22.2% in the first quarter, selling 152,966 shares and retaining 535,006 shares valued at approximately $18.4 million.
• Other institutional investors generally increased their holdings, and institutions and hedge funds collectively own 52.56% of Manulife Financial’s stock.
• Manulife reported quarterly EPS of $0.77, below the $0.79 consensus estimate, while maintaining a quarterly dividend of $0.485, equivalent to a 4.4% annualized yield. Analysts hold a “Moderate Buy” consensus rating with a $51.50 target price.

Lombard Odier Asset Management Europe Ltd trimmed its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 22.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 535,006 shares of the financial services provider's stock after selling 152,966 shares during the period. Manulife Financial comprises 0.1% of Lombard Odier Asset Management Europe Ltd's investment portfolio, making the stock its 27th biggest holding. Lombard Odier Asset Management Europe Ltd's holdings in Manulife Financial were worth $18,423,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MFC. UBS Group AG lifted its stake in shares of Manulife Financial by 10.0% in the fourth quarter. UBS Group AG now owns 4,016,230 shares of the financial services provider's stock valued at $145,709,000 after purchasing an additional 363,963 shares during the period. Generali Asset Management SPA SGR grew its position in Manulife Financial by 1,092.1% during the fourth quarter. Generali Asset Management SPA SGR now owns 51,632 shares of the financial services provider's stock worth $1,873,000 after buying an additional 47,301 shares during the period. Swiss National Bank increased its holdings in Manulife Financial by 25.7% in the first quarter. Swiss National Bank now owns 5,645,600 shares of the financial services provider's stock valued at $194,191,000 after buying an additional 1,154,200 shares in the last quarter. Intact Investment Management Inc. increased its holdings in Manulife Financial by 55.5% in the fourth quarter. Intact Investment Management Inc. now owns 2,351,965 shares of the financial services provider's stock valued at $85,401,000 after buying an additional 839,820 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Manulife Financial by 183.7% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider's stock valued at $402,969,000 after acquiring an additional 7,577,711 shares during the period. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Stock Performance

NYSE:MFC opened at $44.44 on Monday. The company has a market capitalization of $73.85 billion, a P/E ratio of 17.63 and a beta of 0.84. The firm has a 50-day moving average price of $40.91 and a two-hundred day moving average price of $38.21. Manulife Financial Corp has a twelve month low of $29.70 and a twelve month high of $44.89.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.02). The business had revenue of $8.89 billion during the quarter, compared to analysts' expectations of $2.32 billion. Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. During the same period last year, the company earned $0.99 EPS. On average, equities research analysts predict that Manulife Financial Corp will post 3.03 earnings per share for the current year.

Manulife Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, May 29th were paid a $0.485 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.94 dividend on an annualized basis and a yield of 4.4%. Manulife Financial's dividend payout ratio is presently 56.75%.

Analyst Ratings Changes

MFC has been the topic of several research analyst reports. TD Securities reissued a "buy" rating on shares of Manulife Financial in a research note on Thursday, May 14th. Weiss Ratings downgraded Manulife Financial from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, July 21st. Zacks Research cut Manulife Financial from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 15th. Finally, Scotiabank reiterated an "outperform" rating on shares of Manulife Financial in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $51.50.

Manulife Financial Company Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

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