US Bancorp DE Sells 40,979 Shares of Manulife Financial Co. (NYSE:MFC)

US Bancorp DE lowered its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 11.5% in the first quarter, Holdings Channel reports. The firm owned 316,590 shares of the financial services provider’s stock after selling 40,979 shares during the quarter. US Bancorp DE’s holdings in Manulife Financial were worth $7,912,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MFC. American Century Companies Inc. raised its holdings in Manulife Financial by 9.4% during the third quarter. American Century Companies Inc. now owns 1,255,734 shares of the financial services provider’s stock worth $22,947,000 after acquiring an additional 107,639 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Manulife Financial by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 71,526,674 shares of the financial services provider’s stock worth $1,307,508,000 after purchasing an additional 1,086,776 shares during the last quarter. Anchor Investment Management LLC bought a new stake in Manulife Financial during the fourth quarter worth $27,000. Advisory Resource Group lifted its holdings in Manulife Financial by 2.2% during the 4th quarter. Advisory Resource Group now owns 32,311 shares of the financial services provider’s stock valued at $714,000 after purchasing an additional 702 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc bought a new position in shares of Manulife Financial during the fourth quarter worth approximately $1,710,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Stock Down 1.3 %

NYSE MFC traded down $0.36 on Wednesday, hitting $26.39. The company’s stock had a trading volume of 805,762 shares, compared to its average volume of 2,918,982. The firm has a market cap of $47.09 billion, a PE ratio of 15.55, a PEG ratio of 0.99 and a beta of 1.09. Manulife Financial Co. has a 1-year low of $17.07 and a 1-year high of $27.51. The company’s 50-day moving average is $26.17 and its 200 day moving average is $24.26.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, May 8th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.66 by $0.04. The business had revenue of $9.49 billion during the quarter, compared to analysts’ expectations of $8.85 billion. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. On average, equities analysts expect that Manulife Financial Co. will post 2.74 EPS for the current year.

Manulife Financial Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date of this dividend was Tuesday, May 21st. Manulife Financial’s payout ratio is 67.44%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. TD Securities increased their target price 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 Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average 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.