Russell Investments Group Ltd. Sells 279,959 Shares of Manulife Financial Corp $MFC

Key Points

• Russell Investments cut its stake in Manulife by 19.4%, selling 279,959 shares in Q3 and now holds 1,160,846 shares worth about $36.16 million (≈0.07% of the company).
• Manulife increased its quarterly dividend to $0.485 (annualized $1.94), implying a ~5.7% yield; the record date was Feb 25 and the payment date is Mar 19, with a payout ratio near 63.96%.
• Analysts hold a consensus "Buy" on MFC with a $51.50 price target; the company recently beat quarterly EPS estimates ($0.80 vs. $0.76) and has a market cap of $56.6 billion and a P/E of 15.21.

Russell Investments Group Ltd. decreased its holdings in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 19.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,160,846 shares of the financial services provider's stock after selling 279,959 shares during the quarter. Russell Investments Group Ltd. owned about 0.07% of Manulife Financial worth $36,162,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Bridgewater Advisors Inc. lifted its position in shares of Manulife Financial by 4.3% in the 3rd quarter. Bridgewater Advisors Inc. now owns 8,203 shares of the financial services provider's stock worth $272,000 after purchasing an additional 337 shares during the period. Wealth Alliance LLC lifted its holdings in Manulife Financial by 1.7% in the second quarter. Wealth Alliance LLC now owns 20,984 shares of the financial services provider's stock worth $671,000 after buying an additional 345 shares during the period. HM Payson & Co. lifted its holdings in Manulife Financial by 9.0% in the third quarter. HM Payson & Co. now owns 4,308 shares of the financial services provider's stock worth $134,000 after buying an additional 354 shares during the period. Signaturefd LLC boosted its position in Manulife Financial by 0.7% during the 3rd quarter. Signaturefd LLC now owns 53,762 shares of the financial services provider's stock valued at $1,675,000 after acquiring an additional 373 shares in the last quarter. Finally, Haven Private LLC boosted its position in Manulife Financial by 4.0% during the 3rd quarter. Haven Private LLC now owns 9,954 shares of the financial services provider's stock valued at $310,000 after acquiring an additional 387 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MFC. Royal Bank Of Canada reissued an "outperform" rating on shares of Manulife Financial in a research report on Friday, February 13th. Scotiabank restated an "outperform" rating on shares of Manulife Financial in a research report on Thursday, February 5th. Weiss Ratings cut Manulife Financial from a "buy (a-)" rating to a "buy (b)" rating in a research note on Friday, February 13th. Canadian Imperial Bank of Commerce upgraded Manulife Financial from a "neutral" rating to an "outperform" rating in a report on Thursday, January 8th. Finally, Morgan Stanley set a $51.00 target price on shares of Manulife Financial in a report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, Manulife Financial currently has a consensus rating of "Buy" and a consensus price target of $51.50.

Manulife Financial Trading Down 0.0%

Shares of MFC opened at $33.76 on Thursday. The company has a market cap of $56.60 billion, a price-to-earnings ratio of 15.21 and a beta of 0.83. The business's fifty day simple moving average is $36.58 and its two-hundred day simple moving average is $34.33. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $38.72.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.04. Manulife Financial had a return on equity of 16.43% and a net margin of 9.18%.The firm had revenue of $11.32 billion during the quarter, compared to analysts' expectations of $2.32 billion. During the same quarter in the previous year, the business earned $1.03 earnings per share. As a group, research analysts forecast that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Wednesday, February 25th will be given a $0.485 dividend. This is a positive change from Manulife Financial's previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $1.94 dividend on an annualized basis and a yield of 5.7%. Manulife Financial's payout ratio is presently 63.96%.

Manulife Financial Company Profile

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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