Wealth Enhancement Advisory Services LLC Sells 10,815 Shares of Manulife Financial Corp (NYSE:MFC)

Wealth Enhancement Advisory Services LLC cut its stake in Manulife Financial Corp (NYSE:MFC - Free Report) TSE: MFC by 11.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,408 shares of the financial services provider's stock after selling 10,815 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Manulife Financial were worth $2,692,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Norges Bank acquired a new position in Manulife Financial in the fourth quarter valued at about $654,751,000. FIL Ltd increased its holdings in Manulife Financial by 21.7% in 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 buying an additional 7,053,066 shares during the period. Geode Capital Management LLC raised its position in shares of Manulife Financial by 28.7% in 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 buying an additional 2,377,338 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of Manulife Financial by 42.1% in 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 buying an additional 2,200,000 shares in the last quarter. Finally, Hillsdale Investment Management Inc. lifted its holdings in shares of Manulife Financial by 216.0% during the 4th quarter. Hillsdale Investment Management Inc. now owns 2,545,393 shares of the financial services provider's stock worth $78,110,000 after acquiring an additional 1,739,853 shares during the period. 52.56% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Morgan Stanley set a $46.00 price objective on shares of Manulife Financial in a research report on Monday, May 19th.

Manulife Financial Stock Up 0.1%

Shares of NYSE MFC traded up $0.02 during midday trading on Tuesday, reaching $31.98. 2,733,381 shares of the company were exchanged, compared to its average volume of 2,170,777. The stock's 50-day moving average price is $31.41 and its 200-day moving average price is $30.49. The stock has a market cap of $54.62 billion, a P/E ratio of 16.74, a PEG ratio of 1.09 and a beta of 0.99. Manulife Financial Corp has a one year low of $23.30 and a one year high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last posted its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). Manulife Financial had a net margin of 9.58% and a return on equity of 15.84%. The firm had revenue of $1.49 billion during the quarter. During the same period in the previous year, the company earned $0.94 EPS. On average, equities research analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st were issued a dividend of $0.3194 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date was Wednesday, May 21st. This is a positive change from Manulife Financial's previous quarterly dividend of $0.31. Manulife Financial's payout ratio is 67.02%.

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.