UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Sells 86,881 Shares of Manulife Financial Corp $MFC

Key Points

• UBS Asset Management reduced its holdings in Manulife Financial Corp by 4.3% in the first quarter, selling 86,881 shares and now owning approximately 1.94 million shares worth $60.42 million.
• Manulife Financial announced a quarterly dividend of $0.3199 per share, a slight increase from the previous quarter, representing an annualized rate of $1.28 with a dividend yield of 4.0%.
• After reporting earnings of $0.69 per share, below analysts' expectations, the company is projected to have a 2023 earnings per share of 2.87.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC trimmed its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 4.3% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 1,939,538 shares of the financial services provider's stock after selling 86,881 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 0.11% of Manulife Financial worth $60,417,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Empowered Funds LLC increased its holdings in Manulife Financial by 18.7% in the 1st quarter. Empowered Funds LLC now owns 56,418 shares of the financial services provider's stock worth $1,757,000 after buying an additional 8,900 shares in the last quarter. Ascent Group LLC bought a new stake in shares of Manulife Financial during the 1st quarter valued at about $272,000. United Services Automobile Association grew its stake in shares of Manulife Financial by 0.8% during the 1st quarter. United Services Automobile Association now owns 60,000 shares of the financial services provider's stock valued at $1,848,000 after purchasing an additional 471 shares during the period. Ashton Thomas Private Wealth LLC grew its stake in shares of Manulife Financial by 19.1% during the 1st quarter. Ashton Thomas Private Wealth LLC now owns 143,994 shares of the financial services provider's stock valued at $4,485,000 after purchasing an additional 23,132 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in shares of Manulife Financial by 134.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,444,479 shares of the financial services provider's stock valued at $263,046,000 after purchasing an additional 4,840,963 shares during the period. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Stock Up 0.7%

NYSE MFC traded up $0.22 during trading hours on Friday, reaching $31.61. The company's stock had a trading volume of 2,051,180 shares, compared to its average volume of 1,755,065. The firm's 50-day moving average price is $30.78 and its 200-day moving average price is $30.67. Manulife Financial Corp has a 1 year low of $25.92 and a 1 year high of $33.07. The company has a market capitalization of $53.57 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 1.05 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 EPS for the quarter, missing analysts' consensus estimates of $0.71 by ($0.02). Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.The business had revenue of $11.30 billion during the quarter. During the same quarter in the previous year, the company posted $0.91 earnings per share. Equities research analysts anticipate that Manulife Financial Corp will post 2.87 EPS 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 dividend of $0.3199 per share. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $1.28 annualized dividend and a dividend yield of 4.0%. Manulife Financial's payout ratio is currently 56.70%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MFC. Morgan Stanley set a $48.00 price target on Manulife Financial in a research note on Monday, August 18th. Royal Bank Of Canada cut their price target on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $48.50.

Manulife Financial Company 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.