Candriam Luxembourg S.C.A. Sells 245,673 Shares of Manulife Financial Corp (MFC)

Candriam Luxembourg S.C.A. reduced its stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 61.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 155,974 shares of the financial services provider’s stock after selling 245,673 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Manulife Financial Corp were worth $2,920,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Whittier Trust Co. boosted its position in Manulife Financial Corp by 1.2% in the first quarter. Whittier Trust Co. now owns 12,018 shares of the financial services provider’s stock valued at $213,000 after buying an additional 146 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Manulife Financial Corp by 0.3% in the first quarter. Russell Investments Group Ltd. now owns 3,804,153 shares of the financial services provider’s stock valued at $67,322,000 after buying an additional 10,832 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in Manulife Financial Corp by 13.1% in the first quarter. Janney Montgomery Scott LLC now owns 17,124 shares of the financial services provider’s stock valued at $304,000 after buying an additional 1,979 shares in the last quarter. Howard Hughes Medical Institute purchased a new position in Manulife Financial Corp during the first quarter valued at approximately $155,000. Finally, Acadian Asset Management LLC boosted its position in Manulife Financial Corp by 22.9% in the first quarter. Acadian Asset Management LLC now owns 467,700 shares of the financial services provider’s stock valued at $8,273,000 after buying an additional 87,200 shares in the last quarter. 48.30% of the stock is currently owned by institutional investors and hedge funds.

Shares of Manulife Financial Corp (MFC) traded down 1.56% during midday trading on Friday, hitting $19.47. 2,501,875 shares of the stock traded hands. Manulife Financial Corp has a 52 week low of $13.29 and a 52 week high of $20.84. The company’s 50-day moving average is $19.90 and its 200 day moving average is $18.40. The firm has a market capitalization of $38.51 billion, a PE ratio of 13.50 and a beta of 1.30.

Manulife Financial Corp (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, August 9th. The financial services provider reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.01. The company had revenue of $12.34 billion for the quarter, compared to the consensus estimate of $16.09 billion. During the same quarter last year, the company earned $0.40 EPS. Analysts anticipate that Manulife Financial Corp will post $1.77 earnings per share for the current year.

The business also recently disclosed 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. This is an increase from Manulife Financial Corp’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, August 18th. This represents a $0.65 dividend on an annualized basis and a yield of 3.33%. Manulife Financial Corp’s dividend payout ratio is 43.48%.

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Several equities analysts have commented on the stock. Zacks Investment Research raised shares of Manulife Financial Corp from a “sell” rating to a “hold” rating and set a $22.00 target price on the stock in a research report on Monday, July 10th. BidaskClub raised shares of Manulife Financial Corp from a “hold” rating to a “buy” rating in a research report on Tuesday, July 11th. National Bank Financial reissued a “sector perform overweight” rating on shares of Manulife Financial Corp in a research report on Wednesday, May 3rd. Finally, ValuEngine cut shares of Manulife Financial Corp from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Manulife Financial Corp presently has an average rating of “Buy” and an average price target of $23.33.

About Manulife Financial Corp

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.

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

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