Manulife Financial Corp $MFC Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company has reduced its stake in Manulife Financial Corp by 3.9%, owning 1,870,638 shares after selling 76,397 shares in the most recent quarter.
• Manulife Financial reported $0.69 earnings per share in its latest quarter, missing expectations, with analysts projecting 2.87 earnings per share for the current year.
• The company recently announced an increase in its quarterly dividend to $0.3199, reflecting an annualized yield of 4.2%.

The Manufacturers Life Insurance Company lowered its stake in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 3.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,870,638 shares of the financial services provider's stock after selling 76,397 shares during the period. The Manufacturers Life Insurance Company owned 0.11% of Manulife Financial worth $58,605,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. JCIC Asset Management Inc. boosted its stake in shares of Manulife Financial by 5.6% during the first quarter. JCIC Asset Management Inc. now owns 6,749 shares of the financial services provider's stock valued at $210,000 after purchasing an additional 360 shares in the last quarter. Blair William & Co. IL increased its position in Manulife Financial by 1.9% in the first quarter. Blair William & Co. IL now owns 19,878 shares of the financial services provider's stock worth $619,000 after buying an additional 377 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Manulife Financial by 3.0% in the first quarter. Pacer Advisors Inc. now owns 15,405 shares of the financial services provider's stock worth $480,000 after acquiring an additional 444 shares during the period. Napatree Capital LLC boosted its holdings in Manulife Financial by 4.7% in the 1st quarter. Napatree Capital LLC now owns 10,279 shares of the financial services provider's stock valued at $320,000 after purchasing an additional 465 shares during the period. Finally, Ancora Advisors LLC increased its stake in Manulife Financial by 34.7% in the 4th quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock worth $60,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 52.56% of the company's stock.

Manulife Financial Stock Performance

Manulife Financial stock traded up $0.02 during mid-day trading on Wednesday, hitting $30.50. 1,568,353 shares of the company traded hands, compared to its average volume of 2,325,343. The stock has a market cap of $51.80 billion, a price-to-earnings ratio of 13.61, a price-to-earnings-growth ratio of 1.03 and a beta of 0.99. Manulife Financial Corp has a one year low of $25.92 and a one year high of $33.07. The stock has a fifty day moving average price of $30.80 and a 200-day moving average price of $30.60.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (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 company had revenue of $11.30 billion for the quarter. During the same quarter in the prior year, the company earned $0.91 EPS. Sell-side analysts predict that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th will be given a $0.3199 dividend. The ex-dividend date is Wednesday, August 20th. This represents a $1.28 annualized dividend and a yield of 4.2%. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's payout ratio is currently 56.70%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on MFC shares. Royal Bank Of Canada decreased 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 price objective on shares of Manulife Financial in a research note on Monday, August 18th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target 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.