Manulife Financial Co. (NYSE:MFC) Shares Sold by Financial Perspectives Inc

Financial Perspectives Inc lowered its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 55.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,766 shares of the financial services provider’s stock after selling 2,206 shares during the period. Financial Perspectives Inc’s holdings in Manulife Financial were worth $44,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of MFC. First Trust Direct Indexing L.P. increased its holdings in Manulife Financial by 9.3% in the first quarter. First Trust Direct Indexing L.P. now owns 34,854 shares of the financial services provider’s stock valued at $871,000 after buying an additional 2,970 shares in the last quarter. Norden Group LLC acquired a new position in Manulife Financial during the first quarter worth $620,000. Measured Wealth Private Client Group LLC boosted its position in Manulife Financial by 11.4% during the first quarter. Measured Wealth Private Client Group LLC now owns 41,248 shares of the financial services provider’s stock worth $1,031,000 after purchasing an additional 4,223 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. grew its holdings in Manulife Financial by 3.2% in the first quarter. Dixon Mitchell Investment Counsel Inc. now owns 494,845 shares of the financial services provider’s stock valued at $12,371,000 after purchasing an additional 15,496 shares during the last quarter. Finally, Diversified Trust Co acquired a new stake in Manulife Financial in the first quarter valued at $218,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Stock Up 1.5 %

Shares of Manulife Financial stock traded up $0.40 on Thursday, hitting $26.83. 978,079 shares of the company’s stock traded hands, compared to its average volume of 1,730,723. The firm’s 50-day moving average is $25.59 and its 200 day moving average is $23.92. The stock has a market cap of $48.02 billion, a P/E ratio of 15.60, a PEG ratio of 0.97 and a beta of 1.09. Manulife Financial Co. has a 52-week low of $17.07 and a 52-week high of $26.97.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, May 8th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.66 by $0.04. The company had revenue of $9.49 billion during the quarter, compared to analyst estimates of $8.85 billion. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. Equities research analysts forecast that Manulife Financial Co. will post 2.74 EPS for the current year.

Manulife Financial Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were issued a $0.29 dividend. The ex-dividend date was Tuesday, May 21st. This represents a $1.16 annualized dividend and a dividend yield of 4.32%. Manulife Financial’s dividend payout ratio is currently 67.44%.

Analyst Upgrades and Downgrades

Several research firms recently commented on MFC. TD Securities boosted their price objective on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. National Bank Financial raised shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

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.