Manulife Financial Corp (NYSE:MFC) is Letko Brosseau & Associates Inc.'s Largest Position

Letko Brosseau & Associates Inc. trimmed its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 14.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,274,747 shares of the financial services provider's stock after selling 1,102,400 shares during the period. Manulife Financial makes up approximately 4.2% of Letko Brosseau & Associates Inc.'s holdings, making the stock its biggest holding. Letko Brosseau & Associates Inc. owned approximately 0.37% of Manulife Financial worth $195,490,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Lazard Asset Management LLC bought a new position in Manulife Financial in the 4th quarter valued at $35,000. Transce3nd LLC purchased a new stake in shares of Manulife Financial during the fourth quarter valued at $42,000. NBC Securities Inc. grew its holdings in shares of Manulife Financial by 178,700.0% in the first quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock worth $55,000 after purchasing an additional 1,787 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in Manulife Financial in the 1st quarter worth about $59,000. Finally, Ancora Advisors LLC lifted its holdings in Manulife Financial by 34.7% during the 4th quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock valued at $60,000 after buying an additional 500 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Trading Down 1.6%

Shares of MFC traded down $0.50 during midday trading on Friday, reaching $30.46. 2,232,975 shares of the stock were exchanged, compared to its average volume of 1,744,406. The company has a market capitalization of $51.89 billion, a P/E ratio of 15.95, a PEG ratio of 1.04 and a beta of 1.01. Manulife Financial Corp has a 52 week low of $23.30 and a 52 week high of $33.07. The company's 50 day moving average is $31.30 and its two-hundred day moving average is $30.55.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.01). The business had revenue of $1.49 billion for the quarter. Manulife Financial had a return on equity of 15.84% and a net margin of 9.58%. During the same quarter last year, the firm posted $0.94 EPS. On average, sell-side 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 was paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st were issued a dividend of $0.3194 per share. This is an increase from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date was Wednesday, May 21st. Manulife Financial's dividend payout ratio (DPR) is currently 67.02%.

Analysts Set New Price Targets

Separately, Morgan Stanley set a $46.00 target price on shares of Manulife Financial in a research note on Monday, May 19th.

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.