Commonwealth Equity Services LLC increased its holdings in Manulife Financial Co. (NYSE:MFC – Free Report) (TSE:MFC) by 15.6% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 340,726 shares of the financial services provider’s stock after acquiring an additional 46,006 shares during the period. Commonwealth Equity Services LLC’s holdings in Manulife Financial were worth $6,255,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MFC. BlackRock Inc. grew its holdings in shares of Manulife Financial by 10.1% during the 1st quarter. BlackRock Inc. now owns 878,359 shares of the financial services provider’s stock worth $18,753,000 after purchasing an additional 80,450 shares during the period. Raymond James Trust N.A. boosted its stake in Manulife Financial by 7.9% during the first quarter. Raymond James Trust N.A. now owns 27,503 shares of the financial services provider’s stock worth $587,000 after buying an additional 2,013 shares during the period. Cetera Investment Advisers acquired a new stake in shares of Manulife Financial during the first quarter valued at about $428,000. Moors & Cabot Inc. raised its stake in shares of Manulife Financial by 2.3% in the 1st quarter. Moors & Cabot Inc. now owns 43,078 shares of the financial services provider’s stock valued at $920,000 after acquiring an additional 956 shares during the period. Finally, Sequoia Financial Advisors LLC lifted its holdings in shares of Manulife Financial by 32.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 14,560 shares of the financial services provider’s stock worth $311,000 after acquiring an additional 3,585 shares during the last quarter. Institutional investors and hedge funds own 45.02% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on MFC shares. Barclays lifted their target price on shares of Manulife Financial from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Friday, August 11th. StockNews.com assumed coverage on Manulife Financial in a report on Thursday, August 17th. They issued a “hold” rating on the stock.
Manulife Financial Trading Up 0.3 %
NYSE:MFC opened at $18.49 on Friday. Manulife Financial Co. has a 12-month low of $14.92 and a 12-month high of $20.40. The firm has a market cap of $33.81 billion, a PE ratio of 8.68, a price-to-earnings-growth ratio of 0.74 and a beta of 1.10. The stock has a fifty day moving average price of $18.90 and a 200 day moving average price of $19.02.
Manulife Financial (NYSE:MFC – Get Free Report) (TSE:MFC) last announced its quarterly earnings data on Wednesday, August 9th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.02. Manulife Financial had a return on equity of 13.53% and a net margin of 11.87%. The business had revenue of $9 billion during the quarter, compared to analysts’ expectations of $11.31 billion. Equities analysts forecast that Manulife Financial Co. will post 2.44 EPS for the current year.
Manulife Financial Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 19th. Shareholders of record on Wednesday, August 23rd will be given a $0.276 dividend. The ex-dividend date is Tuesday, August 22nd. This is an increase from Manulife Financial’s previous quarterly dividend of $0.27. This represents a $1.10 dividend on an annualized basis and a dividend yield of 5.97%. Manulife Financial’s dividend payout ratio is currently 51.64%.
Manulife Financial Profile
Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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.
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