Manulife Financial Corp (NYSE:MFC) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lessened its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 5.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 156,705 shares of the financial services provider's stock after selling 9,251 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Manulife Financial were worth $4,881,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of MFC. Norges Bank acquired a new stake in shares of Manulife Financial in the 4th quarter worth about $654,751,000. FIL Ltd increased its stake in Manulife Financial by 21.7% during the 4th quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider's stock valued at $1,216,880,000 after buying an additional 7,053,066 shares during the period. Geode Capital Management LLC increased its stake in Manulife Financial by 28.7% during the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock valued at $333,291,000 after buying an additional 2,377,338 shares during the period. Canada Pension Plan Investment Board increased its stake in Manulife Financial by 42.1% during the 4th quarter. Canada Pension Plan Investment Board now owns 7,427,745 shares of the financial services provider's stock valued at $227,895,000 after buying an additional 2,200,000 shares during the period. Finally, Hillsdale Investment Management Inc. increased its stake in Manulife Financial by 216.0% during the 4th quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider's stock valued at $78,110,000 after buying an additional 1,739,853 shares during the period. Institutional investors and hedge funds own 52.56% of the company's stock.

Wall Street Analyst Weigh In

Separately, Morgan Stanley set a $46.00 target price on shares of Manulife Financial in a research note on Monday, May 19th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Manulife Financial currently has an average rating of "Buy" and an average target price of $45.67.

Manulife Financial Trading Up 0.7%

Manulife Financial stock opened at $31.53 on Wednesday. The stock has a market cap of $53.85 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 1.07 and a beta of 1.01. The company's 50-day moving average price is $31.09 and its two-hundred day moving average price is $30.47. Manulife Financial Corp has a 52 week low of $23.30 and a 52 week high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings data 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 during the quarter. Manulife Financial had a return on equity of 15.84% and a net margin of 9.58%. During the same quarter in the prior year, the company earned $0.94 earnings per share. Research analysts expect that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st were paid a $0.3194 dividend. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $1.28 annualized dividend and a dividend yield of 4.05%. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's payout ratio is currently 67.02%.

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.

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