Manulife Financial Co. (NYSE:MFC) Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. cut its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 4.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 29,396 shares of the financial services provider’s stock after selling 1,377 shares during the period. Sumitomo Life Insurance Co.’s holdings in Manulife Financial were worth $903,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its position in shares of Manulife Financial by 8.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 76,512 shares of the financial services provider’s stock worth $2,037,000 after purchasing an additional 5,891 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in shares of Manulife Financial by 20.7% during the second quarter. B. Riley Wealth Advisors Inc. now owns 12,913 shares of the financial services provider’s stock valued at $344,000 after acquiring an additional 2,213 shares during the last quarter. EP Wealth Advisors LLC purchased a new position in shares of Manulife Financial in the second quarter valued at approximately $281,000. Cetera Investment Advisers boosted its stake in shares of Manulife Financial by 5.5% in the second quarter. Cetera Investment Advisers now owns 152,865 shares of the financial services provider’s stock worth $4,068,000 after acquiring an additional 8,011 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Manulife Financial during the second quarter worth approximately $784,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Manulife Financial Stock Performance

NYSE MFC opened at $30.38 on Thursday. Manulife Financial Co. has a one year low of $21.54 and a one year high of $33.07. The business has a fifty day moving average price of $31.03 and a 200 day moving average price of $29.30. The company has a market cap of $52.51 billion, a P/E ratio of 14.67, a P/E/G ratio of 1.05 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.30. The firm had revenue of $10.69 billion for the quarter, compared to the consensus estimate of $9.73 billion. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. During the same period last year, the firm posted $0.69 earnings per share. As a group, sell-side analysts predict that Manulife Financial Co. will post 2.69 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th were given a $0.296 dividend. The ex-dividend date of this dividend was Wednesday, November 20th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.90%. Manulife Financial’s dividend payout ratio is 59.42%.

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.