Sumitomo Mitsui Trust Holdings Inc. Reduces Position in Manulife Financial Co. (NYSE:MFC)

Sumitomo Mitsui Trust Holdings Inc. lessened its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 2.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,342,208 shares of the financial services provider’s stock after selling 157,374 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.30% of Manulife Financial worth $133,506,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Measured Wealth Private Client Group LLC boosted its stake in shares of Manulife Financial by 11.4% during the 1st quarter. Measured Wealth Private Client Group LLC now owns 41,248 shares of the financial services provider’s stock worth $1,031,000 after acquiring an additional 4,223 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. lifted its stake in shares of Manulife Financial by 3.2% during the 1st quarter. Dixon Mitchell Investment Counsel Inc. now owns 494,845 shares of the financial services provider’s stock valued at $12,371,000 after buying an additional 15,496 shares in the last quarter. Diversified Trust Co purchased a new position in shares of Manulife Financial during the 1st quarter valued at $218,000. Kathmere Capital Management LLC purchased a new position in shares of Manulife Financial during the 1st quarter valued at $270,000. Finally, Lincoln Capital Corp purchased a new position in shares of Manulife Financial during the 1st quarter valued at $213,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Up 1.9 %

NYSE:MFC traded up $0.49 during mid-day trading on Wednesday, hitting $26.92. 370,295 shares of the stock traded hands, compared to its average volume of 3,002,552. The stock has a market capitalization of $48.18 billion, a price-to-earnings ratio of 15.65, a PEG ratio of 0.97 and a beta of 1.09. Manulife Financial Co. has a 52 week low of $17.07 and a 52 week high of $26.97. The firm’s 50 day moving average is $25.52 and its two-hundred day moving average is $23.90.

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

Manulife Financial Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were given a $0.29 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.16 annualized dividend and a yield of 4.31%. Manulife Financial’s dividend payout ratio (DPR) is 67.44%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. TD Securities lifted their target price on shares of Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. National Bank Financial upgraded shares of 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 assigned a buy rating to the company. According to MarketBeat, Manulife Financial presently has an average rating of “Moderate Buy” and an average price target of $35.00.

Manulife Financial Company 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.