Yousif Capital Management LLC Cuts Stock Position in Manulife Financial Corp (NYSE:MFC)

Yousif Capital Management LLC trimmed its position in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 10.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,801 shares of the financial services provider’s stock after selling 2,425 shares during the period. Yousif Capital Management LLC’s holdings in Manulife Financial were worth $679,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. OLD National Bancorp IN boosted its holdings in Manulife Financial by 8.8% in the 1st quarter. OLD National Bancorp IN now owns 9,828 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 799 shares in the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Manulife Financial in the 1st quarter valued at approximately $200,000. Sivia Capital Partners LLC acquired a new stake in shares of Manulife Financial in the 1st quarter valued at approximately $216,000. Affinity Wealth Management LLC purchased a new stake in shares of Manulife Financial in the first quarter valued at approximately $3,934,000. Finally, MRA Advisory Group acquired a new position in Manulife Financial during the first quarter worth $213,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Price Performance

MFC opened at $30.67 on Friday. Manulife Financial Corp has a 1-year low of $23.30 and a 1-year high of $33.07. The stock has a market cap of $52.38 billion, a P/E ratio of 16.06, a P/E/G ratio of 1.04 and a beta of 1.01. The stock’s 50 day simple moving average is $30.99 and its 200 day simple moving average is $30.50.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share 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 quarter last year, the business earned $0.94 earnings per share. Research analysts expect that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 19th. Investors of record on Wednesday, May 21st were paid a $0.3194 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 4.17%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Wednesday, May 21st. Manulife Financial’s dividend payout ratio is presently 67.02%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MFC. Morgan Stanley set a $46.00 price objective on Manulife Financial in a research report on Monday, May 19th. Royal Bank Of Canada increased their price target on shares of Manulife Financial from $49.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 21st. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $45.67.

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.