Cwm LLC Trims Stake in Manulife Financial Co. (NYSE:MFC)

Cwm LLC reduced its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.1% during the first quarter, HoldingsChannel.com reports. The firm owned 15,200 shares of the financial services provider’s stock after selling 490 shares during the period. Cwm LLC’s holdings in Manulife Financial were worth $380,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MFC. Prudential PLC increased its position in shares of Manulife Financial by 11.1% during the fourth quarter. Prudential PLC now owns 1,141,942 shares of the financial services provider’s stock worth $25,235,000 after acquiring an additional 114,213 shares during the period. Alberta Investment Management Corp increased its position in shares of Manulife Financial by 21.4% during the fourth quarter. Alberta Investment Management Corp now owns 4,182,203 shares of the financial services provider’s stock worth $92,867,000 after acquiring an additional 737,203 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Manulife Financial during the fourth quarter worth approximately $1,846,000. Claret Asset Management Corp increased its position in shares of Manulife Financial by 1.0% during the fourth quarter. Claret Asset Management Corp now owns 89,860 shares of the financial services provider’s stock worth $1,987,000 after acquiring an additional 904 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its position in shares of Manulife Financial by 109.4% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 199,140 shares of the financial services provider’s stock worth $4,401,000 after acquiring an additional 104,026 shares during the period. 52.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, National Bank Financial raised shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a research report on Thursday, May 9th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $33.33.

Manulife Financial Stock Performance

NYSE MFC opened at $25.68 on Friday. The firm’s 50 day moving average price is $25.07 and its 200-day moving average price is $23.57. Manulife Financial Co. has a 52-week low of $17.07 and a 52-week high of $26.81. The company has a market cap of $45.96 billion, a PE ratio of 14.93, a P/E/G ratio of 0.93 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.04. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. The firm had revenue of $9.49 billion for the quarter, compared to the consensus estimate of $8.85 billion. On average, analysts forecast that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were paid a $0.29 dividend. The ex-dividend date was Tuesday, May 21st. This represents a $1.16 annualized dividend and a yield of 4.52%. Manulife Financial’s dividend payout ratio (DPR) is 67.44%.

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.