Mitsubishi UFJ Trust & Banking Corp Has $21.76 Million Stock Position in Manulife Financial Co. (NYSE:MFC)

Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 0.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 882,886 shares of the financial services provider’s stock after purchasing an additional 7,300 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Manulife Financial were worth $21,762,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Bruce G. Allen Investments LLC raised its position in Manulife Financial by 73.6% during the first quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 490 shares in the last quarter. Accordant Advisory Group Inc bought a new stake in shares of Manulife Financial during the first quarter worth $30,000. Fortis Group Advisors LLC grew its stake in shares of Manulife Financial by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock worth $27,000 after buying an additional 605 shares during the last quarter. SageView Advisory Group LLC bought a new stake in shares of Manulife Financial during the first quarter worth $32,000. Finally, Creekmur Asset Management LLC bought a new stake in shares of Manulife Financial during the fourth quarter worth $30,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Price Performance

Shares of Manulife Financial stock traded down $0.19 during trading on Friday, hitting $25.95. The company’s stock had a trading volume of 1,609,789 shares, compared to its average volume of 1,774,744. The stock has a market cap of $46.31 billion, a price-to-earnings ratio of 15.09, a price-to-earnings-growth ratio of 0.95 and a beta of 1.09. The stock has a 50-day moving average price of $26.22 and a two-hundred day moving average price of $24.33. Manulife Financial Co. has a 52 week low of $17.07 and a 52 week high of $27.51.

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 analysts’ consensus estimates of $0.66 by $0.04. The business had revenue of $9.49 billion for the quarter, compared to analysts’ expectations of $8.85 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. On average, equities analysts predict that Manulife Financial Co. will post 2.73 EPS for the current fiscal year.

Manulife Financial Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were given a dividend of $0.29 per share. The ex-dividend date was Tuesday, May 21st. This represents a $1.16 dividend on an annualized basis and a yield of 4.47%. Manulife Financial’s dividend payout ratio (DPR) is currently 67.44%.

Analyst Ratings Changes

A number of research firms have weighed in on MFC. TD Securities boosted their target price on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. National Bank Financial raised shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus 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.