Manulife Financial Corp $MFC Shares Sold by Versor Investments LP

Key Points

• Versor Investments LP has reduced its stake in Manulife Financial Corp by 28.0%, now owning 22,098 shares valued at approximately $689,000.
• Manulife Financial is set to increase its quarterly dividend to $0.3199 per share, with an annualized dividend yield of 4.2%.
• Despite recent earnings missing analysts' expectations, Wall Street analysts maintain a consensus rating of "Moderate Buy" with a target price of $48.50.

Versor Investments LP lowered its position in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 28.0% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 22,098 shares of the financial services provider's stock after selling 8,600 shares during the period. Versor Investments LP's holdings in Manulife Financial were worth $689,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lazard Asset Management LLC purchased a new position in shares of Manulife Financial during the 4th quarter worth $35,000. Transce3nd LLC acquired a new stake in shares of Manulife Financial during the 4th quarter worth about $42,000. William B. Walkup & Associates Inc. acquired a new stake in shares of Manulife Financial during the 1st quarter worth about $43,000. NBC Securities Inc. increased its position 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 purchasing an additional 1,787 shares during the last quarter. Finally, Opal Wealth Advisors LLC acquired a new position in Manulife Financial in the 1st quarter valued at about $59,000. Hedge funds and other institutional investors own 52.56% of the company's stock.

Manulife Financial Price Performance

Shares of MFC stock traded down $0.6550 during trading hours on Monday, reaching $30.0850. 2,032,006 shares of the stock were exchanged, compared to its average volume of 2,601,139. The business's fifty day moving average is $30.84 and its two-hundred day moving average is $30.57. Manulife Financial Corp has a 12-month low of $25.92 and a 12-month high of $33.07. The firm has a market capitalization of $51.10 billion, a P/E ratio of 13.43, a P/E/G ratio of 1.03 and a beta of 1.01.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.69 earnings per share for the quarter, missing analysts' consensus estimates of $0.71 by ($0.02). Manulife Financial had a return on equity of 15.77% and a net margin of 10.46%.The firm had revenue of $11.30 billion for the quarter. During the same quarter last year, the firm earned $0.91 EPS. As a group, equities research analysts predict that Manulife Financial Corp will post 2.87 earnings per share 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. Investors of record on Wednesday, August 20th will be issued a $0.3199 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 4.3%. This is a positive change from Manulife Financial's previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Wednesday, August 20th. Manulife Financial's dividend payout ratio is currently 56.70%.

Analysts Set New Price Targets

Several equities analysts have weighed in on MFC shares. Royal Bank Of Canada dropped their target price on Manulife Financial from $51.00 to $49.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Morgan Stanley set a $48.00 target price on Manulife Financial in a research report on Monday, August 18th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $48.50.

Manulife Financial Company 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.