Manulife Financial Corp $MFC Shares Sold by Spinnaker Trust

Spinnaker Trust reduced its stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 21.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 76,802 shares of the financial services provider’s stock after selling 21,477 shares during the quarter. Spinnaker Trust’s holdings in Manulife Financial were worth $3,111,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MFC. Generali Asset Management SPA SGR raised its stake in shares of Manulife Financial by 1,092.1% during the fourth quarter. Generali Asset Management SPA SGR now owns 51,632 shares of the financial services provider’s stock valued at $1,873,000 after purchasing an additional 47,301 shares during the period. Canerector Inc. lifted its position in shares of Manulife Financial by 27.0% during the first quarter. Canerector Inc. now owns 800,000 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 170,000 shares in the last quarter. Swiss National Bank boosted its stake in shares of Manulife Financial by 25.7% in the first quarter. Swiss National Bank now owns 5,645,600 shares of the financial services provider’s stock valued at $194,191,000 after purchasing an additional 1,154,200 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Manulife Financial by 183.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,702,230 shares of the financial services provider’s stock valued at $402,969,000 after purchasing an additional 7,577,711 shares during the period. Finally, Intact Investment Management Inc. grew its holdings in Manulife Financial by 55.5% during the 4th quarter. Intact Investment Management Inc. now owns 2,351,965 shares of the financial services provider’s stock valued at $85,401,000 after purchasing an additional 839,820 shares in the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MFC has been the topic of several analyst reports. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a research note on Friday, August 7th. Zacks Research cut shares of Manulife Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. TD Securities restated a “buy” rating on shares of Manulife Financial in a research note on Thursday, August 6th. Royal Bank Of Canada lifted their target price on Manulife Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. Finally, Weiss Ratings upgraded Manulife Financial from a “buy (a-)” rating to a “buy (a)” rating in a research note on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $59.00.

Manulife Financial Trading Down 0.8%

MFC stock opened at $42.82 on Friday. Manulife Financial Corp has a twelve month low of $30.20 and a twelve month high of $45.33. The company has a market capitalization of $71.16 billion, a P/E ratio of 15.98 and a beta of 0.84. The firm has a 50 day simple moving average of $42.72 and a 200-day simple moving average of $39.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $7.28 billion. Manulife Financial had a net margin of 9.99% and a return on equity of 16.68%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. On average, research analysts predict that Manulife Financial Corp will post 3.03 EPS for the current year.

Manulife Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, August 21st will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Friday, August 21st. Manulife Financial’s dividend payout ratio (DPR) is currently 51.49%.

Manulife Financial Company Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.