PNC Financial Services Group Inc. Decreases Position in Manulife Financial Corp (NYSE:MFC)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Manulife Financial Corp by 36.2%, selling 29,671 shares during the first quarter, leaving it with holdings valued at approximately $1.63 million.
• Analysts have adjusted their price targets for Manulife Financial, with Royal Bank of Canada lowering its target from $51.00 to $49.00, while Morgan Stanley set a target of $46.00.
• Manulife Financial declared a quarterly dividend of $0.3199 per share, slightly above the previous dividend, reflecting a yield of 4.3% and a payout ratio of 56.70%.

PNC Financial Services Group Inc. lowered its holdings in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 36.2% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 52,305 shares of the financial services provider's stock after selling 29,671 shares during the period. PNC Financial Services Group Inc.'s holdings in Manulife Financial were worth $1,629,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of MFC. Lazard Asset Management LLC acquired a new stake in Manulife Financial during the fourth quarter worth approximately $35,000. Transce3nd LLC acquired a new position in Manulife Financial during the fourth quarter valued at approximately $42,000. NBC Securities Inc. grew its stake in shares of Manulife Financial by 178,700.0% during the first quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock worth $55,000 after buying an additional 1,787 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of Manulife Financial during the first quarter worth $59,000. Finally, Ancora Advisors LLC grew its stake in shares of Manulife Financial by 34.7% during the fourth quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock worth $60,000 after buying an additional 500 shares during the last quarter. Institutional investors own 52.56% of the company's stock.

Manulife Financial Trading Up 0.1%

NYSE MFC traded up $0.03 during trading hours on Thursday, hitting $30.51. The company's stock had a trading volume of 667,474 shares, compared to its average volume of 2,302,283. Manulife Financial Corp has a 52 week low of $25.72 and a 52 week high of $33.07. The company has a market capitalization of $51.82 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 1.03 and a beta of 1.01. The company's 50-day simple moving average is $31.09 and its two-hundred day simple moving average is $30.54.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings data 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). The firm had revenue of $11.30 billion during the quarter. Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. During the same period last year, the business posted $0.91 EPS. Research analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MFC. Morgan Stanley set a $46.00 price objective on shares of Manulife Financial in a research note on Monday, May 19th. Royal Bank Of Canada cut their price objective 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.

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.