Manulife Financial Corp $MFC Stock Holdings Lowered by State of Wyoming

State of Wyoming cut its holdings in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 60.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,740 shares of the financial services provider’s stock after selling 16,090 shares during the period. State of Wyoming’s holdings in Manulife Financial were worth $369,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Basepoint Wealth LLC acquired a new stake in shares of Manulife Financial during the 4th quarter valued at $25,000. Hantz Financial Services Inc. acquired a new stake in shares of Manulife Financial during the fourth quarter worth $28,000. Sfam LLC acquired a new position in shares of Manulife Financial in the 4th quarter valued at $28,000. Heritage Wealth Advisors purchased a new position in Manulife Financial in the 4th quarter worth about $30,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in Manulife Financial during the 1st quarter worth about $29,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. TD Securities reiterated a “buy” rating on shares of Manulife Financial in a report on Thursday, May 14th. Scotiabank reiterated an “outperform” rating on shares of Manulife Financial in a research report on Wednesday, July 15th. Weiss Ratings downgraded shares of Manulife Financial from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, July 21st. Finally, Zacks Research cut Manulife Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Manulife Financial presently has an average rating of “Moderate Buy” and an average price target of $51.50.

Manulife Financial Stock Down 0.1%

MFC stock opened at $43.64 on Monday. Manulife Financial Corp has a 12-month low of $29.70 and a 12-month high of $43.81. The company has a market cap of $72.53 billion, a price-to-earnings ratio of 17.32 and a beta of 0.84. The company has a 50 day moving average of $40.33 and a two-hundred day moving average of $37.96.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, May 13th. The financial services provider reported $0.77 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.02). Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. The company had revenue of $8.89 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same quarter in the prior year, the firm earned $0.99 earnings per share. On average, research analysts anticipate that Manulife Financial Corp will post 3.03 EPS for the current year.

Manulife Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, May 29th were paid a dividend of $0.485 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.4%. Manulife Financial’s dividend payout ratio (DPR) is 56.75%.

About Manulife Financial

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.