Manulife Financial Corp $MFC Shares Sold by USS Investment Management Ltd

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% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 279,167 shares of the financial services provider's stock after selling 190,800 shares during the quarter. USS Investment Management Ltd's holdings in Manulife Financial were worth $8,708,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in MFC. Lazard Asset Management LLC bought a new position in shares of Manulife Financial during the fourth quarter valued at approximately $35,000. William B. Walkup & Associates Inc. bought a new position in Manulife Financial in the 1st quarter worth approximately $43,000. NBC Securities Inc. grew its holdings in Manulife Financial by 178,700.0% in the 1st quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock worth $55,000 after buying an additional 1,787 shares in the last quarter. Opal Wealth Advisors LLC bought a new position in Manulife Financial in the 1st quarter worth approximately $59,000. Finally, Alpine Bank Wealth Management bought a new position in Manulife Financial in the 1st quarter worth approximately $71,000. 52.56% of the stock is owned by institutional investors.

Manulife Financial Stock Up 0.3%

NYSE MFC traded up $0.10 on Friday, reaching $31.89. 1,038,523 shares of the stock traded hands, compared to its average volume of 2,193,705. The firm's fifty day simple moving average is $30.68 and its 200 day simple moving average is $30.63. The company has a market cap of $54.04 billion, a price-to-earnings ratio of 14.24, a P/E/G ratio of 1.06 and a beta of 0.99. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings results 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). The firm had revenue of $11.30 billion for the quarter. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. During the same period in the prior year, the firm posted $0.91 earnings per share. As a group, equities research analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, August 20th will be paid 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 an increase from Manulife Financial's previous quarterly dividend of $0.32. Manulife Financial's dividend payout ratio is 56.70%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Royal Bank Of Canada decreased their price objective 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 Manulife Financial in a report on Monday, August 18th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $48.50.

About Manulife Financial

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.