USS Investment Management Ltd Cuts Stock Holdings in Manulife Financial Corp $MFC

Key Points

• USS Investment Management Ltd reduced its stake in Manulife Financial Corp by 40.6%, owning 279,167 shares after selling 190,800 shares in the first quarter.
• The company reported $0.69 earnings per share for the last quarter, which missed analysts' estimates of $0.71.
• Manulife Financial has declared a quarterly dividend of $0.3199 per share, representing a yield of 4.2%.

USS Investment Management Ltd cut its stake in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 40.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 279,167 shares of the financial services provider's stock after selling 190,800 shares during the period. USS Investment Management Ltd's holdings in Manulife Financial were worth $8,708,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Manulife Financial by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 74,333,649 shares of the financial services provider's stock valued at $2,316,162,000 after acquiring an additional 369,638 shares in the last quarter. TD Asset Management Inc lifted its stake in Manulife Financial by 6.6% during the 1st quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider's stock valued at $1,155,639,000 after acquiring an additional 2,289,205 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Manulife Financial by 0.9% during the 4th quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider's stock worth $755,367,000 after purchasing an additional 230,105 shares during the period. 1832 Asset Management L.P. raised its stake in shares of Manulife Financial by 7.3% during the 1st quarter. 1832 Asset Management L.P. now owns 24,425,465 shares of the financial services provider's stock worth $760,853,000 after purchasing an additional 1,660,626 shares during the period. Finally, Toronto Dominion Bank raised its stake in shares of Manulife Financial by 4.1% during the 4th quarter. Toronto Dominion Bank now owns 22,812,909 shares of the financial services provider's stock worth $699,948,000 after purchasing an additional 902,466 shares during the period. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Stock Up 0.3%

Manulife Financial stock traded up $0.10 during midday trading on Friday, reaching $31.89. The stock had a trading volume of 1,038,523 shares, compared to its average volume of 2,193,705. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $33.07. The firm's 50-day moving average price is $30.68 and its 200 day moving average price is $30.64. The firm has a market capitalization of $54.04 billion, a PE ratio of 14.24, a P/E/G ratio of 1.06 and a beta of 0.99.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The firm had revenue of $11.30 billion during the quarter. During the same quarter in the prior year, the company earned $0.91 EPS. Equities research analysts expect that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th will be issued a dividend of $0.3199 per share. This represents a $1.28 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Wednesday, August 20th. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's payout ratio is presently 56.70%.

Analyst Upgrades and Downgrades

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