Manulife Financial Corp (NYSE:MFC) Shares Sold by Benjamin Edwards Inc.

Key Points

• Benjamin Edwards Inc. reduced its holdings in Manulife Financial Corp by 24.3% in the first quarter, now owning 107,743 shares valued at $3,356,000.
• Manulife Financial recently declared a quarterly dividend of $0.3199, marking an increase from the previous dividend and representing a yield of 4.3%.
• The company reported $0.69 earnings per share for the most recent quarter, falling short of analysts' expectations of $0.71, while total revenue was approximately $11.30 billion.

Benjamin Edwards Inc. trimmed its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 24.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 107,743 shares of the financial services provider's stock after selling 34,525 shares during the quarter. Benjamin Edwards Inc.'s holdings in Manulife Financial were worth $3,356,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in MFC. Brighton Jones LLC increased its position in shares of Manulife Financial by 33.9% during the fourth quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider's stock worth $288,000 after purchasing an additional 2,376 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Manulife Financial in the 4th quarter valued at $2,256,000. Raymond James Financial Inc. purchased a new stake in Manulife Financial in the 4th quarter valued at $16,213,000. CenterBook Partners LP purchased a new stake in Manulife Financial in the 4th quarter valued at $472,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in Manulife Financial in the 4th quarter valued at $372,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MFC. Morgan Stanley set a $46.00 target price on Manulife Financial in a report on Monday, May 19th. Royal Bank Of Canada dropped their target price on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a report on Friday, August 8th.

Manulife Financial Stock Performance

Shares of Manulife Financial stock traded up $0.12 during trading hours on Thursday, hitting $30.60. The company's stock had a trading volume of 1,311,648 shares, compared to its average volume of 2,305,695. Manulife Financial Corp has a twelve month low of $25.72 and a twelve month high of $33.07. The firm has a fifty day moving average of $31.09 and a 200-day moving average of $30.54. The stock has a market cap of $51.98 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 1.03 and a beta of 1.01.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.69 EPS 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 business had revenue of $11.30 billion during the quarter. During the same quarter in the previous year, the business posted $0.91 earnings per share. On average, sell-side 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 declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th will be paid a $0.3199 dividend. This is a boost from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $1.28 annualized dividend and a dividend yield of 4.2%. Manulife Financial's dividend payout ratio is currently 57.14%.

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.