Man Group plc Sells 948,168 Shares of Manulife Financial Co. (NYSE:MFC)

Man Group plc lowered its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 40.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,397,139 shares of the financial services provider’s stock after selling 948,168 shares during the period. Man Group plc owned about 0.08% of Manulife Financial worth $42,905,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MFC. Barclays PLC grew its holdings in shares of Manulife Financial by 60.1% in the third quarter. Barclays PLC now owns 741,764 shares of the financial services provider’s stock worth $21,919,000 after acquiring an additional 278,307 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of Manulife Financial by 1,067.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 686,418 shares of the financial services provider’s stock worth $21,080,000 after acquiring an additional 627,614 shares during the period. Kathmere Capital Management LLC grew its holdings in Manulife Financial by 4.5% during the fourth quarter. Kathmere Capital Management LLC now owns 13,340 shares of the financial services provider’s stock valued at $410,000 after purchasing an additional 569 shares during the period. Park Avenue Securities LLC grew its holdings in Manulife Financial by 34.2% during the fourth quarter. Park Avenue Securities LLC now owns 22,845 shares of the financial services provider’s stock valued at $702,000 after purchasing an additional 5,824 shares during the period. Finally, Redhawk Wealth Advisors Inc. grew its holdings in Manulife Financial by 11.0% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 54,087 shares of the financial services provider’s stock valued at $1,661,000 after purchasing an additional 5,369 shares during the period. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Down 0.3%

Shares of MFC opened at $31.64 on Thursday. The business’s 50 day moving average is $29.94 and its 200 day moving average is $30.50. The company has a market capitalization of $54.19 billion, a PE ratio of 15.29, a price-to-earnings-growth ratio of 1.11 and a beta of 1.00. Manulife Financial Co. has a 12-month low of $23.30 and a 12-month high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, May 7th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.01). The business had revenue of $1.49 billion for the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. During the same quarter in the previous year, the business earned $0.94 earnings per share. Equities research analysts predict that Manulife Financial Co. will post 2.87 earnings per share for the current year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Wednesday, May 21st will be paid a $0.3194 dividend. This is an increase from Manulife Financial’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, May 21st. This represents a $1.28 dividend on an annualized basis and a yield of 4.04%. Manulife Financial’s payout ratio is presently 63.87%.

Analyst Ratings Changes

Several analysts have issued reports on MFC shares. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd. Royal Bank of Canada boosted their price target on 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $45.50.

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.