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 stake in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 4.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,939,538 shares of the financial services provider's stock after selling 86,881 shares during the period. 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.

Other institutional investors and hedge funds have also bought and sold shares of the company. Lazard Asset Management LLC acquired a new stake in Manulife Financial in the fourth quarter valued at $35,000. William B. Walkup & Associates Inc. acquired a new stake in Manulife Financial during the 1st quarter worth about $43,000. NBC Securities Inc. grew its holdings in Manulife Financial by 178,700.0% during the 1st quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock worth $55,000 after acquiring an additional 1,787 shares during the period. Opal Wealth Advisors LLC acquired a new stake in Manulife Financial during the 1st quarter worth about $59,000. Finally, Alpine Bank Wealth Management acquired a new stake in Manulife Financial during the 1st quarter worth about $71,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Manulife Financial Price Performance

Shares of MFC stock traded down $0.86 on Tuesday, reaching $31.48. 1,700,154 shares of the company were exchanged, compared to its average volume of 2,074,803. The company has a market cap of $53.34 billion, a price-to-earnings ratio of 14.05, a PEG ratio of 1.08 and a beta of 0.99. The company has a 50-day moving average of $30.72 and a 200-day moving average of $30.64. Manulife Financial Corp has a one year low of $25.92 and a one year high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly 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). 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 last year, the firm posted $0.91 earnings per share. As a group, sell-side analysts predict that Manulife Financial Corp will post 2.87 EPS for the current 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 given a $0.3199 dividend. This represents a $1.28 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Wednesday, August 20th. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's payout ratio is 56.70%.

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.