Manulife Financial Corp $MFC Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lowered its position in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 5.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,914 shares of the financial services provider’s stock after selling 1,619 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Manulife Financial were worth $892,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MFC. Goldman Sachs Group Inc. boosted its holdings in Manulife Financial by 134.3% in the first quarter. Goldman Sachs Group Inc. now owns 8,444,479 shares of the financial services provider’s stock valued at $263,046,000 after acquiring an additional 4,840,963 shares during the last quarter. TD Asset Management Inc boosted its holdings in Manulife Financial by 6.6% in the first quarter. TD Asset Management Inc now owns 37,093,064 shares of the financial services provider’s stock valued at $1,155,639,000 after acquiring an additional 2,289,205 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in Manulife Financial by 30.0% in the first quarter. Canada Pension Plan Investment Board now owns 9,653,897 shares of the financial services provider’s stock valued at $300,860,000 after acquiring an additional 2,226,152 shares during the last quarter. Jupiter Asset Management Ltd. boosted its holdings in Manulife Financial by 871.5% in the first quarter. Jupiter Asset Management Ltd. now owns 2,023,966 shares of the financial services provider’s stock valued at $63,057,000 after acquiring an additional 1,815,642 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its holdings in Manulife Financial by 7.3% in the first quarter. 1832 Asset Management L.P. now owns 24,425,465 shares of the financial services provider’s stock valued at $760,853,000 after acquiring an additional 1,660,626 shares during the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Morgan Stanley set a $48.00 target price on Manulife Financial in a report on Monday, August 18th. Royal Bank Of Canada cut their price objective on Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $48.50.

Manulife Financial Price Performance

NYSE:MFC opened at $31.74 on Tuesday. The business’s 50-day moving average is $30.81 and its two-hundred day moving average is $30.70. Manulife Financial Corp has a 12 month low of $25.92 and a 12 month high of $33.07. The firm has a market capitalization of $53.78 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 1.06 and a beta of 0.99.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The company had revenue of $11.30 billion during the quarter. During the same quarter in the previous year, the business earned $0.91 earnings per share. Equities analysts anticipate that Manulife Financial Corp will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Wednesday, August 20th were given a dividend of $0.3199 per share. The ex-dividend date of this dividend was Wednesday, August 20th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.32. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.0%. Manulife Financial’s dividend payout ratio is presently 56.70%.

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.