Granite Investment Advisors LLC cut its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 4.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 416,484 shares of the financial services provider’s stock after selling 19,153 shares during the period. Manulife Financial Corp comprises about 1.6% of Granite Investment Advisors LLC’s holdings, making the stock its 24th largest position. Granite Investment Advisors LLC’s holdings in Manulife Financial Corp were worth $8,596,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Manulife Financial Corp by 4.7% in the first quarter. Vanguard Group Inc. now owns 42,156,733 shares of the financial services provider’s stock valued at $747,861,000 after buying an additional 1,901,343 shares during the last quarter. FMR LLC boosted its stake in shares of Manulife Financial Corp by 14.8% in the first quarter. FMR LLC now owns 41,809,722 shares of the financial services provider’s stock valued at $741,656,000 after buying an additional 5,378,760 shares during the last quarter. Causeway Capital Management LLC boosted its stake in shares of Manulife Financial Corp by 196.6% in the first quarter. Causeway Capital Management LLC now owns 15,761,517 shares of the financial services provider’s stock valued at $279,609,000 after buying an additional 10,447,098 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Manulife Financial Corp by 51.9% in the first quarter. Wellington Management Group LLP now owns 14,767,058 shares of the financial services provider’s stock valued at $261,385,000 after buying an additional 5,046,441 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Manulife Financial Corp by 2.0% in the first quarter. Wells Fargo & Company MN now owns 13,377,882 shares of the financial services provider’s stock valued at $237,324,000 after buying an additional 263,922 shares during the last quarter. Institutional investors and hedge funds own 48.27% of the company’s stock.

Shares of Manulife Financial Corp (NYSE:MFC) opened at 19.17 on Friday. The stock’s 50 day moving average is $19.62 and its 200 day moving average is $18.37. The stock has a market capitalization of $37.60 billion, a PE ratio of 13.13 and a beta of 1.30. Manulife Financial Corp has a 12 month low of $13.10 and a 12 month high of $20.84.

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, August 9th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. The business had revenue of $12.34 billion for the quarter, compared to analyst estimates of $16.09 billion. During the same quarter in the previous year, the firm posted $0.40 earnings per share. Analysts anticipate that Manulife Financial Corp will post $1.73 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 19th. Investors of record on Tuesday, August 22nd will be given a dividend of $0.1621 per share. The ex-dividend date of this dividend is Friday, August 18th. This is a positive change from Manulife Financial Corp’s previous quarterly dividend of $0.15. This represents a $0.65 dividend on an annualized basis and a yield of 3.38%. Manulife Financial Corp’s payout ratio is presently 43.48%.

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Several analysts have commented on MFC shares. ValuEngine cut shares of Manulife Financial Corp from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub cut shares of Manulife Financial Corp from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Zacks Investment Research upgraded shares of Manulife Financial Corp from a “sell” rating to a “hold” rating and set a $22.00 price target on the stock in a research note on Monday, July 10th. Finally, National Bank Financial reiterated a “sector perform overweight” rating on shares of Manulife Financial Corp in a research note on Wednesday, May 3rd. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Manulife Financial Corp has an average rating of “Buy” and an average target price of $23.33.

Manulife Financial Corp Company Profile

Manulife Financial Corporation (MFC) is a holding company of The Manufacturers Life Insurance Company (MLI), which is a life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), which is a reinsurance company. The Company operates as a financial services company with principal operations in Asia, Canada and the United States.

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Institutional Ownership by Quarter for Manulife Financial Corp (NYSE:MFC)

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