Spinnaker Trust Sells 23,250 Shares of Manulife Financial Corp (NYSE:MFC)

Spinnaker Trust trimmed its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 19.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 94,901 shares of the financial services provider's stock after selling 23,250 shares during the quarter. Spinnaker Trust's holdings in Manulife Financial were worth $2,956,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Lee Danner & Bass Inc. bought a new position in shares of Manulife Financial during the fourth quarter worth approximately $31,000. Lazard Asset Management LLC bought a new position in Manulife Financial during the 4th quarter worth $35,000. Transce3nd LLC acquired a new position in Manulife Financial in the 4th quarter valued at $42,000. Millstone Evans Group LLC bought a new stake in shares of Manulife Financial during the 4th quarter valued at $44,000. Finally, Graney & King LLC acquired a new stake in shares of Manulife Financial during the 4th quarter worth $53,000. 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 price target on Manulife Financial in a research report on Monday, May 19th.

Manulife Financial Price Performance

NYSE:MFC traded up $0.17 during mid-day trading on Thursday, reaching $31.62. The stock had a trading volume of 936,889 shares, compared to its average volume of 2,168,203. Manulife Financial Corp has a 12 month low of $23.30 and a 12 month high of $33.07. The stock has a market capitalization of $54.01 billion, a PE ratio of 16.56, a P/E/G ratio of 1.09 and a beta of 0.99. The stock has a 50-day simple moving average of $31.44 and a two-hundred day simple moving average of $30.49.

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

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st were given a $0.3194 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date was Wednesday, May 21st. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's payout ratio is currently 67.02%.

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.