Manulife Financial Co. (NYSE:MFC) Holdings Cut by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 75,590 shares of the financial services provider’s stock after selling 3,063 shares during the period. 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 hedge funds have also modified their holdings of MFC. Prudential PLC increased its position in Manulife Financial by 11.1% in the 4th quarter. Prudential PLC now owns 1,141,942 shares of the financial services provider’s stock worth $25,235,000 after purchasing an additional 114,213 shares during the last quarter. Alberta Investment Management Corp grew its stake in shares of Manulife Financial by 21.4% in the 4th quarter. Alberta Investment Management Corp now owns 4,182,203 shares of the financial services provider’s stock valued at $92,867,000 after buying an additional 737,203 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Manulife Financial in the fourth quarter worth approximately $1,846,000. Claret Asset Management Corp raised its position in 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 valued at $1,987,000 after acquiring an additional 904 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in Manulife Financial by 109.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 199,140 shares of the financial services provider’s stock valued at $4,401,000 after acquiring an additional 104,026 shares during the last quarter. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Price Performance

Manulife Financial stock opened at $26.45 on Wednesday. The firm has a market cap 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 fifty day moving average price of $25.47 and a two-hundred day moving average price of $23.86. Manulife Financial Co. has a fifty-two week low of $17.07 and a fifty-two week high of $26.89.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.04. The firm had revenue of $9.49 billion during the quarter, compared to the consensus estimate of $8.85 billion. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. As a group, sell-side analysts expect that Manulife Financial Co. will post 2.74 earnings per share for the current year.

Manulife Financial Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend was Tuesday, May 21st. Manulife Financial’s dividend payout ratio (DPR) is presently 67.44%.

Analyst Ratings Changes

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

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.