Manulife Financial Corp $MFC Shares Sold by Resources Management Corp CT ADV

Resources Management Corp CT ADV reduced its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 65.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 11,745 shares of the financial services provider’s stock after selling 22,084 shares during the quarter. Resources Management Corp CT ADV’s holdings in Manulife Financial were worth $426,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Basepoint Wealth LLC acquired a new position in shares of Manulife Financial in the 4th quarter worth approximately $25,000. Hantz Financial Services Inc. acquired a new position in shares of Manulife Financial in the 4th quarter worth approximately $28,000. Sfam LLC acquired a new position in shares of Manulife Financial in the 4th quarter worth approximately $28,000. Heritage Wealth Advisors acquired a new position in shares of Manulife Financial in the 4th quarter worth approximately $30,000. Finally, Blueline Advisors LLC acquired a new position in shares of Manulife Financial in the 4th quarter worth approximately $34,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MFC. Weiss Ratings upgraded shares of Manulife Financial from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, May 28th. Scotiabank restated an “outperform” rating on shares of Manulife Financial in a report on Wednesday, April 29th. Finally, TD Securities restated a “buy” rating on shares of Manulife Financial in a report on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to MarketBeat.com, Manulife Financial currently has a consensus rating of “Buy” and an average target price of $51.50.

Manulife Financial Stock Up 1.1%

Shares of MFC opened at $40.75 on Tuesday. Manulife Financial Corp has a fifty-two week low of $29.70 and a fifty-two week high of $40.86. The firm’s 50 day moving average price is $38.43 and its 200 day moving average price is $36.81. The company has a market cap of $68.00 billion, a P/E ratio of 16.17 and a beta of 0.84.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.02). Manulife Financial had a return on equity of 16.58% and a net margin of 10.19%.The business had revenue of $8.89 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the previous year, the company earned $0.99 earnings per share. Research analysts forecast that Manulife Financial Corp will post 3.2 earnings per share for the current year.

Manulife Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, May 29th will be paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Friday, May 29th. Manulife Financial’s dividend payout ratio is presently 56.75%.

Manulife Financial Company Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.