Citigroup Inc. Lowers Stock Holdings in Manulife Financial Corp (NYSE:MFC)

Citigroup Inc. trimmed its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 26.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 837,028 shares of the financial services provider's stock after selling 298,758 shares during the period. Citigroup Inc.'s holdings in Manulife Financial were worth $26,078,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in shares of Manulife Financial by 33.9% during the 4th quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider's stock worth $288,000 after buying an additional 2,376 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Manulife Financial in the 4th quarter valued at approximately $2,256,000. Raymond James Financial Inc. purchased a new position in Manulife Financial in the 4th quarter valued at approximately $16,213,000. Rockefeller Capital Management L.P. purchased a new position in Manulife Financial in the 4th quarter valued at approximately $372,000. Finally, Sagespring Wealth Partners LLC purchased a new position in Manulife Financial in the 4th quarter valued at approximately $238,000. 52.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Royal Bank Of Canada reduced their price objective on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Morgan Stanley set a $46.00 price target on shares of Manulife Financial in a report on Monday, May 19th.

Manulife Financial Stock Down 0.6%

NYSE:MFC traded down $0.19 during midday trading on Friday, hitting $30.40. The company had a trading volume of 3,074,231 shares, compared to its average volume of 2,135,561. Manulife Financial Corp has a 52-week low of $25.72 and a 52-week high of $33.07. The stock's fifty day moving average price is $31.02 and its 200-day moving average price is $30.55. The company has a market capitalization of $51.64 billion, a PE ratio of 13.57, a P/E/G ratio of 1.03 and a beta of 1.01.

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 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 firm had revenue of $11.30 billion for the quarter. During the same period in the prior year, the company posted $0.91 EPS. As a group, research analysts forecast that Manulife Financial Corp will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, August 20th will be paid a $0.3199 dividend. 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. This represents a $1.28 dividend on an annualized basis and a yield of 4.2%. Manulife Financial's payout ratio is currently 57.14%.

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.