Manulife Financial Corp (NYSE:MFC) Shares Sold by Sienna Gestion

Key Points

• Sienna Gestion has reduced its stake in Manulife Financial Corp by 6.1%, selling 9,800 shares and now holding 150,139 shares valued at approximately $4.55 million.
• Manulife reported earnings of $0.69 per share for the latest quarter, missing estimates and down from $0.91 per share in the same period last year, while also achieving a revenue of $11.30 billion.
• The company recently announced a quarterly dividend increase to $0.3199, representing an annualized dividend of $1.28 and a yield of 4.2%, effective September 19th.

Sienna Gestion reduced its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 6.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 150,139 shares of the financial services provider's stock after selling 9,800 shares during the period. Sienna Gestion's holdings in Manulife Financial were worth $4,547,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Lazard Asset Management LLC acquired a new position in Manulife Financial in the 4th quarter worth $35,000. Transce3nd LLC bought a new stake in Manulife Financial in the 4th quarter valued at $42,000. William B. Walkup & Associates Inc. bought a new position in shares of Manulife Financial during the 1st quarter worth about $43,000. NBC Securities Inc. lifted its holdings in Manulife Financial by 178,700.0% during the 1st quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock valued at $55,000 after purchasing an additional 1,787 shares during the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Manulife Financial during the 1st quarter worth approximately $59,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Trading Up 1.1%

NYSE MFC opened at $30.49 on Thursday. Manulife Financial Corp has a 12 month low of $25.45 and a 12 month high of $33.07. The stock has a market cap of $51.79 billion, a P/E ratio of 13.61, a P/E/G ratio of 1.03 and a beta of 1.01. The stock's fifty day moving average price is $31.09 and its 200-day moving average price is $30.54.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The company had revenue of $11.30 billion for the quarter. During the same quarter in the prior year, the company posted $0.91 earnings per share. As a group, analysts forecast that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, August 20th will be issued a $0.3199 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 4.2%. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, August 20th. Manulife Financial's dividend payout ratio (DPR) is 57.14%.

Analyst Ratings Changes

MFC has been the topic of several analyst reports. Royal Bank Of Canada dropped their price target on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Morgan Stanley set a $46.00 price objective on shares of Manulife Financial in a report on Monday, May 19th.

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.

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