Lombard Odier Asset Management Europe Ltd Trims Position in Manulife Financial Corp $MFC

Lombard Odier Asset Management Europe Ltd cut its stake in shares of Manulife Financial Corp (NYSE:MFC) (TSE:MFC) by 22.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 535,006 shares of the financial services provider’s stock after selling 152,966 shares during the period. Manulife Financial accounts for approximately 1.0% of Lombard Odier Asset Management Europe Ltd’s portfolio, making the stock its 26th largest holding. Lombard Odier Asset Management Europe Ltd’s holdings in Manulife Financial were worth $18,423,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Basepoint Wealth LLC bought a new position in shares of Manulife Financial in the fourth quarter valued at approximately $25,000. Hantz Financial Services Inc. bought a new stake in Manulife Financial during the 4th quarter worth approximately $28,000. Sfam LLC bought a new stake in Manulife Financial during the 4th quarter worth approximately $28,000. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in Manulife Financial in the 1st quarter worth approximately $29,000. Finally, Heritage Wealth Advisors purchased a new stake in Manulife Financial in the 4th quarter worth approximately $30,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Trading Up 1.4%

MFC stock opened at $43.64 on Friday. The company’s 50 day moving average is $40.33 and its 200 day moving average is $37.95. The stock has a market cap of $72.53 billion, a price-to-earnings ratio of 17.32 and a beta of 0.84. Manulife Financial Corp has a 1-year low of $29.70 and a 1-year high of $43.81.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, May 13th. The financial services provider reported $0.77 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.02). Manulife Financial had a net margin of 10.19% and a return on equity of 16.58%. The company had revenue of $8.89 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the prior year, the business earned $0.99 earnings per share. As a group, sell-side analysts forecast that Manulife Financial Corp will post 3.03 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, May 29th were issued a $0.485 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 4.4%. Manulife Financial’s dividend payout ratio is presently 56.75%.

Wall Street Analyst Weigh In

Several brokerages have commented on MFC. Scotiabank reissued an “outperform” rating on shares of Manulife Financial in a report on Wednesday, July 15th. TD Securities reaffirmed a “buy” rating on shares of Manulife Financial in a report on Thursday, May 14th. Zacks Research downgraded Manulife Financial from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings lowered Manulife Financial from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.50.

Manulife Financial Profile

Manulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.