Richard P Slaughter Associates Inc Sells 53,462 Shares of Manulife Financial Co. (NYSE:MFC)

Richard P Slaughter Associates Inc trimmed its holdings in shares of Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 82.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 11,238 shares of the financial services provider's stock after selling 53,462 shares during the period. Richard P Slaughter Associates Inc's holdings in Manulife Financial were worth $350,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MFC. Norges Bank bought a new position in shares of Manulife Financial during the fourth quarter valued at $654,751,000. FIL Ltd grew its position in Manulife Financial by 21.7% during the 4th quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider's stock valued at $1,216,880,000 after purchasing an additional 7,053,066 shares during the last quarter. Geode Capital Management LLC grew its position in Manulife Financial by 28.7% during the 4th quarter. Geode Capital Management LLC now owns 10,650,598 shares of the financial services provider's stock valued at $333,291,000 after purchasing an additional 2,377,338 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in Manulife Financial by 42.1% during the 4th quarter. Canada Pension Plan Investment Board now owns 7,427,745 shares of the financial services provider's stock valued at $227,895,000 after purchasing an additional 2,200,000 shares in the last quarter. Finally, Hillsdale Investment Management Inc. raised its holdings in Manulife Financial by 216.0% in the fourth quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider's stock worth $78,110,000 after buying an additional 1,739,853 shares during the last quarter. 52.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Morgan Stanley set a $46.00 price target on shares of Manulife Financial in a report on Monday, May 19th. Royal Bank of Canada increased their target price on Manulife Financial from $49.00 to $51.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $45.67.

Manulife Financial Stock Up 0.3%

MFC traded up $0.10 during midday trading on Thursday, hitting $32.04. 1,154,776 shares of the company traded hands, compared to its average volume of 2,126,360. The company's 50-day moving average is $30.40 and its 200 day moving average is $30.55. The firm has a market capitalization of $54.88 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 1.11 and a beta of 1.00. Manulife Financial Co. has a 52 week low of $23.30 and a 52 week high of $33.07.

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 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.01). Manulife Financial had a return on equity of 15.98% and a net margin of 10.08%. The business had revenue of $1.49 billion during the quarter. During the same quarter in the previous year, the firm earned $0.94 EPS. On average, sell-side analysts predict that Manulife Financial Co. will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st will be paid a $0.3194 dividend. The ex-dividend date is Wednesday, May 21st. This is a boost from Manulife Financial's previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.99%. Manulife Financial's dividend payout ratio is 63.87%.

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.