Addenda Capital Inc. Decreases Stock Position in Manulife Financial Co. (NYSE:MFC)

Addenda Capital Inc. lessened its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 2.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,523,504 shares of the financial services provider’s stock after selling 45,379 shares during the period. Manulife Financial accounts for 1.8% of Addenda Capital Inc.’s investment portfolio, making the stock its 16th largest position. Addenda Capital Inc. owned about 0.08% of Manulife Financial worth $38,072,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. First Affirmative Financial Network lifted its position in shares of Manulife Financial by 4.5% during the first quarter. First Affirmative Financial Network now owns 11,086 shares of the financial services provider’s stock worth $277,000 after acquiring an additional 482 shares in the last quarter. Bruce G. Allen Investments LLC lifted its holdings in shares of Manulife Financial by 73.6% in the first quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock worth $29,000 after buying an additional 490 shares in the last quarter. Janiczek Wealth Management LLC boosted its position in shares of Manulife Financial by 36.5% in the first quarter. Janiczek Wealth Management LLC now owns 2,088 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 558 shares during the period. Blue Trust Inc. grew its stake in Manulife Financial by 5.7% during the fourth quarter. Blue Trust Inc. now owns 10,465 shares of the financial services provider’s stock valued at $231,000 after acquiring an additional 568 shares in the last quarter. Finally, Fortis Group Advisors LLC increased its holdings in Manulife Financial by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 605 shares during the period. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Up 0.5 %

Shares of NYSE MFC traded up $0.12 during trading hours on Friday, reaching $26.62. 1,911,827 shares of the stock traded hands, compared to its average volume of 3,051,347. The company has a market capitalization of $47.64 billion, a P/E ratio of 15.48, a price-to-earnings-growth ratio of 0.95 and a beta of 1.09. The company’s 50-day simple moving average is $25.41 and its two-hundred day simple moving average is $23.79. Manulife Financial Co. has a 52-week low of $17.07 and a 52-week high of $26.81.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. The firm had revenue of $9.49 billion during the quarter, compared to analyst estimates of $8.85 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. As a group, sell-side analysts forecast that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Wednesday, May 22nd were issued a $0.29 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.16 annualized dividend and a dividend yield of 4.36%. Manulife Financial’s dividend payout ratio is currently 67.44%.

Analyst Ratings Changes

MFC has been the subject of a number of recent analyst reports. TD Securities boosted their price target on shares of Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday. National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

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.