Russell Investments Group Ltd. Trims Stake in Manulife Financial Corp (NYSE:MFC)

Key Points

• Russell Investments Group Ltd. has reduced its stake in Manulife Financial Corp by 0.6%, now holding approximately 1.64 million shares valued at $51.03 million.
• Manulife Financial recently declared a quarterly dividend increase to $0.3199, yielding about 4.2% annually, with a payout ratio of 57.14%.
• Analysts have set new price targets for Manulife, with Royal Bank of Canada lowering its target from $51.00 to $49.00 while maintaining an "outperform" rating.

Russell Investments Group Ltd. reduced its position in shares of Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 0.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,642,302 shares of the financial services provider's stock after selling 9,639 shares during the period. Russell Investments Group Ltd. owned approximately 0.10% of Manulife Financial worth $51,033,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MFC. Lazard Asset Management LLC purchased a new position in shares of Manulife Financial during the 4th quarter valued at $35,000. Transce3nd LLC bought a new stake in shares of Manulife Financial during the 4th quarter worth $42,000. NBC Securities Inc. lifted its holdings in shares of Manulife Financial by 178,700.0% during the 1st quarter. NBC Securities Inc. now owns 1,788 shares of the financial services provider's stock worth $55,000 after acquiring an additional 1,787 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of Manulife Financial during the 1st quarter worth $59,000. Finally, Ancora Advisors LLC lifted its holdings in shares of Manulife Financial by 34.7% during the 4th quarter. Ancora Advisors LLC now owns 1,943 shares of the financial services provider's stock worth $60,000 after acquiring an additional 500 shares during the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Trading Up 1.1%

Shares of NYSE MFC opened at $30.49 on Thursday. The stock has a market cap of $51.79 billion, a price-to-earnings ratio of 13.61, a P/E/G ratio of 1.03 and a beta of 1.01. Manulife Financial Corp has a 1-year low of $25.45 and a 1-year high of $33.07. The stock's 50-day moving average is $31.09 and its 200 day moving average is $30.54.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.02). The business had revenue of $11.30 billion during the quarter. Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%. During the same period in the previous year, the company earned $0.91 earnings per share. On average, analysts forecast that Manulife Financial Corp will post 2.87 EPS 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. Shareholders 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. This represents a $1.28 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Wednesday, August 20th. Manulife Financial's payout ratio is presently 57.14%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MFC. Royal Bank Of Canada dropped their price objective on shares of Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Morgan Stanley set a $46.00 price objective on Manulife Financial in a report on Monday, May 19th.

About Manulife Financial

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.

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