Hennessy Advisors Inc. Trims Position in Manulife Financial Co. (NYSE:MFC)

Hennessy Advisors Inc. cut its holdings in Manulife Financial Co. (NYSE:MFC - Free Report) TSE: MFC by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 229,800 shares of the financial services provider's stock after selling 8,300 shares during the quarter. Hennessy Advisors Inc.'s holdings in Manulife Financial were worth $7,057,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in MFC. Brooklyn Investment Group bought a new position in Manulife Financial in the third quarter worth about $26,000. West Financial Advisors LLC bought a new position in Manulife Financial in the third quarter worth about $26,000. Capital Performance Advisors LLP bought a new position in Manulife Financial in the third quarter worth about $30,000. Fortitude Family Office LLC bought a new position in Manulife Financial in the third quarter worth about $31,000. Finally, Tsfg LLC raised its holdings in Manulife Financial by 103.8% in the third quarter. Tsfg LLC now owns 1,404 shares of the financial services provider's stock worth $42,000 after purchasing an additional 715 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Price Performance

Manulife Financial stock traded down $0.26 during trading hours on Friday, reaching $30.58. The stock had a trading volume of 1,430,420 shares, compared to its average volume of 1,355,940. The company has a market cap of $52.86 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 1.01 and a beta of 1.09. The business's 50 day moving average price is $31.34 and its 200-day moving average price is $29.06. Manulife Financial Co. has a 52 week low of $20.78 and a 52 week high of $33.07.

Manulife Financial (NYSE:MFC - Get Free Report) TSE: MFC last announced its earnings results on Wednesday, November 6th. The financial services provider reported $1.00 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.30. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. The business had revenue of $10.69 billion during the quarter, compared to the consensus estimate of $9.73 billion. During the same period in the previous year, the company posted $0.69 earnings per share. On average, sell-side analysts forecast that Manulife Financial Co. will post 2.71 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th were issued a dividend of $0.296 per share. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $1.18 annualized dividend and a dividend yield of 3.87%. This is an increase from Manulife Financial's previous quarterly dividend of $0.29. 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.