OMERS ADMINISTRATION Corp Decreases Stock Holdings in Manulife Financial Corp $MFC

Key Points

• OMERS Administration Corp sharply reduced its Manulife Financial stake in the first quarter, cutting holdings by 74.5% and selling 1.86 million shares. After the sale, it held 637,706 shares valued at about $21.9 million.
• Despite some selling, institutional ownership remains high, with hedge funds and other large investors owning 52.56% of Manulife. Several firms increased positions substantially, including Norges Bank, Healthcare of Ontario Pension Plan Trust Fund, and Janus Henderson Group.
• Manulife Financial’s stock was up 1.4% and recently traded near its 52-week high. The company also paid a quarterly dividend of $0.485 per share, and analysts currently rate it a Moderate Buy with a consensus price target of $51.50.

OMERS ADMINISTRATION Corp trimmed its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 74.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 637,706 shares of the financial services provider's stock after selling 1,862,300 shares during the period. OMERS ADMINISTRATION Corp's holdings in Manulife Financial were worth $21,897,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Manulife Financial in the fourth quarter worth about $777,229,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in Manulife Financial by 183.7% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider's stock valued at $402,969,000 after purchasing an additional 7,577,711 shares during the last quarter. MUFG Securities EMEA plc raised its position in Manulife Financial by 814.3% during the 2nd quarter. MUFG Securities EMEA plc now owns 6,399,999 shares of the financial services provider's stock valued at $204,544,000 after purchasing an additional 5,699,999 shares during the last quarter. Man Group plc lifted its holdings in Manulife Financial by 194.9% in the 4th quarter. Man Group plc now owns 6,205,598 shares of the financial services provider's stock worth $225,597,000 after buying an additional 4,101,390 shares during the period. Finally, Janus Henderson Group PLC grew its position in shares of Manulife Financial by 1,975.2% in the 4th quarter. Janus Henderson Group PLC now owns 4,045,488 shares of the financial services provider's stock worth $147,312,000 after buying an additional 3,850,547 shares during the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Stock Up 1.4%

MFC opened at $43.64 on Friday. Manulife Financial Corp has a 52 week low of $29.70 and a 52 week high of $43.81. The stock has a market cap of $72.53 billion, a PE ratio of 17.32 and a beta of 0.84. The business has a 50 day moving average of $40.33 and a 200-day moving average of $37.95.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last issued its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.02). The firm had revenue of $8.89 billion during the quarter, compared to analysts' expectations of $2.32 billion. Manulife Financial had a return on equity of 16.58% and a net margin of 10.19%.During the same period in the previous year, the company earned $0.99 earnings per share. Equities analysts anticipate that Manulife Financial Corp will post 3.03 EPS for the current year.

Manulife Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, May 29th were issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Friday, May 29th. Manulife Financial's payout ratio is 56.75%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Zacks Research cut Manulife Financial from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 15th. Weiss Ratings lowered Manulife Financial from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday. TD Securities reiterated a "buy" rating on shares of Manulife Financial in a report on Thursday, May 14th. Finally, Scotiabank reissued an "outperform" rating on shares of Manulife Financial in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $51.50.

About Manulife Financial

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

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