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

Oppenheimer Asset Management Inc. trimmed its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 5.6% in the first quarter, according to its most recent disclosure with the SEC. The fund 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 institutional investors and hedge funds have also made changes to their positions in MFC. Norges Bank purchased a new stake in shares of Manulife Financial in the fourth quarter valued at about $654,751,000. FIL Ltd raised its holdings in Manulife Financial by 21.7% during the fourth quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider's stock worth $1,216,880,000 after purchasing an additional 7,053,066 shares in the last quarter. Geode Capital Management LLC raised its holdings in Manulife Financial by 28.7% during the fourth quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock worth $333,291,000 after purchasing an additional 2,377,338 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in Manulife Financial by 42.1% during the fourth quarter. Canada Pension Plan Investment Board now owns 7,427,745 shares of the financial services provider's stock worth $227,895,000 after purchasing an additional 2,200,000 shares in the last quarter. Finally, Hillsdale Investment Management Inc. raised its holdings in Manulife Financial by 216.0% during the fourth quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider's stock worth $78,110,000 after purchasing an additional 1,739,853 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Manulife Financial Price Performance

Manulife Financial stock traded down $0.12 during mid-day trading on Friday, reaching $31.97. The company had a trading volume of 5,798,368 shares, compared to its average volume of 2,165,340. Manulife Financial Corp has a 1 year low of $23.30 and a 1 year high of $33.07. The company has a market capitalization of $54.60 billion, a P/E ratio of 16.74, a P/E/G ratio of 1.09 and a beta of 1.01. The stock's 50-day simple moving average is $31.28 and its 200-day simple moving average is $30.47.

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 analysts' consensus estimates of $0.70 by ($0.01). The company had revenue of $1.49 billion during the quarter. Manulife Financial had a net margin of 9.58% and a return on equity of 15.84%. During the same period in the previous year, the business posted $0.94 earnings per share. On average, equities analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st were given a $0.3194 dividend. The ex-dividend date was Wednesday, May 21st. This is a positive change from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 4.00%. Manulife Financial's dividend payout ratio is currently 67.02%.

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.