Manulife Financial Corp $MFC Shares Sold by Robertson Stephens Wealth Management LLC

Robertson Stephens Wealth Management LLC lessened its stake in Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 24.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,969 shares of the financial services provider’s stock after selling 5,438 shares during the period. Robertson Stephens Wealth Management LLC’s holdings in Manulife Financial were worth $542,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of MFC. Brighton Jones LLC boosted its position in Manulife Financial by 33.9% in the 4th quarter. Brighton Jones LLC now owns 9,393 shares of the financial services provider’s stock worth $288,000 after purchasing an additional 2,376 shares in the last quarter. Simplicity Wealth LLC purchased a new stake in Manulife Financial in the 1st quarter worth approximately $201,000. SG Americas Securities LLC boosted its position in Manulife Financial by 27.7% in the 1st quarter. SG Americas Securities LLC now owns 51,440 shares of the financial services provider’s stock worth $1,602,000 after purchasing an additional 11,164 shares in the last quarter. Fifth Third Bancorp boosted its position in Manulife Financial by 3.8% in the 1st quarter. Fifth Third Bancorp now owns 117,629 shares of the financial services provider’s stock worth $3,664,000 after purchasing an additional 4,277 shares in the last quarter. Finally, Opal Wealth Advisors LLC purchased a new stake in Manulife Financial in the 1st quarter worth approximately $59,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Performance

NYSE MFC opened at $31.71 on Friday. The business has a fifty day moving average price of $30.98 and a 200 day moving average price of $30.84. Manulife Financial Corp has a one year low of $25.92 and a one year high of $33.07. The company has a market cap of $53.73 billion, a P/E ratio of 14.16, a P/E/G ratio of 1.09 and a beta of 0.98.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.02). Manulife Financial had a net margin of 10.46% and a return on equity of 15.77%. The firm had revenue of $11.30 billion during the quarter. During the same period in the prior year, the company posted $0.91 earnings per share. As a group, sell-side analysts predict that Manulife Financial Corp will post 2.87 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Wednesday, August 20th were paid a $0.3199 dividend. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $1.28 annualized dividend and a yield of 4.0%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.32. Manulife Financial’s dividend payout ratio is currently 56.70%.

Analysts Set New Price Targets

Several research firms have commented on MFC. Royal Bank Of Canada lowered their price objective on Manulife Financial from $51.00 to $49.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Weiss Ratings reiterated a “buy (a-)” rating on shares of Manulife Financial in a research report on Wednesday. Finally, Morgan Stanley set a $47.00 target price on Manulife Financial in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $48.00.

Manulife Financial Profile

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.