Envestnet Asset Management Inc. Sells 70,350 Shares of Manulife Financial Corp (NYSE:MFC)

Envestnet Asset Management Inc. lowered its holdings in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 6.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 998,076 shares of the financial services provider’s stock after selling 70,350 shares during the quarter. Envestnet Asset Management Inc. owned 0.06% of Manulife Financial worth $31,090,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Lee Danner & Bass Inc. acquired a new position in shares of Manulife Financial in the 4th quarter worth approximately $31,000. Lazard Asset Management LLC acquired a new position in Manulife Financial during the fourth quarter worth $35,000. Transce3nd LLC bought a new position in shares of Manulife Financial during the fourth quarter valued at $42,000. Millstone Evans Group LLC bought a new position in shares of Manulife Financial during the fourth quarter valued at $44,000. Finally, Graney & King LLC acquired a new stake in shares of Manulife Financial in the 4th quarter valued at $53,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Analyst Ratings Changes

Separately, Morgan Stanley set a $46.00 target price on shares of Manulife Financial in a research report on Monday, May 19th.

Manulife Financial Price Performance

MFC stock opened at $30.47 on Tuesday. The business has a fifty day moving average price of $31.45 and a 200 day moving average price of $30.51. Manulife Financial Corp has a fifty-two week low of $23.30 and a fifty-two week high of $33.07. The stock has a market capitalization of $52.03 billion, a price-to-earnings ratio of 15.95, a P/E/G ratio of 1.04 and a beta of 0.99.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). Manulife Financial had a return on equity of 15.84% and a net margin of 9.58%. The business had revenue of $1.49 billion for the quarter. During the same quarter in the previous year, the firm earned $0.94 EPS. On average, equities analysts expect that Manulife Financial Corp will post 2.87 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 19th. Stockholders of record on Wednesday, May 21st were given a dividend of $0.3194 per share. This is an increase from Manulife Financial’s previous quarterly dividend of $0.31. The ex-dividend date was Wednesday, May 21st. This represents a $1.28 annualized dividend and a dividend yield of 4.19%. Manulife Financial’s dividend payout ratio is currently 67.02%.

Manulife Financial Company 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.