Allspring Global Investments Holdings LLC Lowers Stock Position in Manulife Financial Co. (NYSE:MFC)

Allspring Global Investments Holdings LLC cut its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.9% during the 1st quarter, Holdings Channel reports. The firm owned 75,590 shares of the financial services provider’s stock after selling 3,063 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Manulife Financial were worth $1,889,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. First Affirmative Financial Network boosted its stake in shares of Manulife Financial by 4.5% in the 1st quarter. First Affirmative Financial Network now owns 11,086 shares of the financial services provider’s stock worth $277,000 after buying an additional 482 shares during the last quarter. Bruce G. Allen Investments LLC boosted its position in Manulife Financial by 73.6% in the first quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 490 shares during the last quarter. Janiczek Wealth Management LLC grew its stake in Manulife Financial by 36.5% in the 1st quarter. Janiczek Wealth Management LLC now owns 2,088 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 558 shares during the period. Blue Trust Inc. grew its stake in Manulife Financial by 5.7% in the 4th quarter. Blue Trust Inc. now owns 10,465 shares of the financial services provider’s stock valued at $231,000 after purchasing an additional 568 shares during the period. Finally, Fortis Group Advisors LLC raised its stake in shares of Manulife Financial by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 605 shares during the period. 52.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MFC shares. TD Securities increased their price target on shares of Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Manulife Financial Trading Up 0.6 %

Manulife Financial stock opened at $26.45 on Wednesday. The firm has a market capitalization of $47.34 billion, a price-to-earnings ratio of 15.38, a P/E/G ratio of 0.97 and a beta of 1.09. The firm has a 50 day simple moving average of $25.47 and a 200 day simple moving average of $23.86. Manulife Financial Co. has a 1-year low of $17.07 and a 1-year high of $26.89.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results on Wednesday, May 8th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.66 by $0.04. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. The business had revenue of $9.49 billion during the quarter, compared to the consensus estimate of $8.85 billion. On average, equities research analysts forecast that Manulife Financial Co. will post 2.74 EPS for the current year.

Manulife Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.39%. The ex-dividend date of this dividend was Tuesday, May 21st. Manulife Financial’s payout ratio 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.