Manulife Financial Corp (NYSE:MFC) Shares Sold by Spinnaker Trust

Spinnaker Trust trimmed its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 19.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lee Danner & Bass Inc. acquired a new position in shares of Manulife Financial during the 4th quarter worth about $31,000. Lazard Asset Management LLC purchased a new stake in Manulife Financial during the 4th quarter worth approximately $35,000. Transce3nd LLC acquired a new position in shares of Manulife Financial during the fourth quarter valued at approximately $42,000. Millstone Evans Group LLC purchased a new position in shares of Manulife Financial in the fourth quarter valued at approximately $44,000. Finally, Graney & King LLC acquired a new stake in shares of Manulife Financial in the fourth quarter worth approximately $53,000. Institutional investors and hedge funds own 52.56% of the company's stock.

Analysts Set New Price Targets

Separately, Morgan Stanley set a $46.00 price objective on Manulife Financial in a research report on Monday, May 19th.

Manulife Financial Stock Up 0.1%

Shares of MFC traded up $0.03 during trading on Tuesday, reaching $31.99. 430,133 shares of the company traded hands, compared to its average volume of 2,157,376. Manulife Financial Corp has a twelve month low of $23.30 and a twelve month high of $33.07. The stock has a 50-day simple moving average of $31.36 and a 200-day simple moving average of $30.48. The stock has a market cap of $54.64 billion, a PE ratio of 16.74, a price-to-earnings-growth ratio of 1.09 and a beta of 1.01.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). Manulife Financial had a return on equity of 15.84% and a net margin of 9.58%. The firm had revenue of $1.49 billion for the quarter. During the same period in the prior year, the company posted $0.94 EPS. On average, equities research analysts predict that Manulife Financial Corp will post 2.87 EPS for the current 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 dividend of $0.3194 per share. This represents a $1.28 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend was Wednesday, May 21st. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's dividend 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.