Atomi Financial Group Inc. Purchases 3,102 Shares of Manulife Financial Co. (NYSE:MFC)

Atomi Financial Group Inc. boosted its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 26.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,844 shares of the financial services provider’s stock after acquiring an additional 3,102 shares during the period. Atomi Financial Group Inc.’s holdings in Manulife Financial were worth $371,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MFC. Anchor Investment Management LLC bought a new stake in Manulife Financial in the fourth quarter worth $27,000. Fortis Group Advisors LLC boosted its stake in 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 period. Bruce G. Allen Investments LLC boosted its stake 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 worth $29,000 after buying an additional 490 shares during the period. Accordant Advisory Group Inc purchased a new position in Manulife Financial during the first quarter worth $30,000. Finally, Creekmur Asset Management LLC purchased a new position in Manulife Financial during the fourth quarter worth $30,000. Institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

MFC has been the subject of several recent analyst reports. TD Securities lifted their price objective 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 investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Manulife Financial Stock Down 0.1 %

NYSE:MFC traded down $0.04 during mid-day trading on Monday, reaching $27.10. The company’s stock had a trading volume of 917,706 shares, compared to its average volume of 2,934,021. The firm has a market capitalization of $48.36 billion, a PE ratio of 15.72, a price-to-earnings-growth ratio of 0.99 and a beta of 1.09. The stock has a fifty day moving average of $26.07 and a 200-day moving average of $24.19. Manulife Financial Co. has a 1 year low of $17.07 and a 1 year high of $27.51.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, May 8th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. The business had revenue of $9.49 billion during the quarter, compared to the consensus estimate of $8.85 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. On average, analysts expect that Manulife Financial Co. will post 2.74 earnings per share for the current year.

Manulife Financial Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd were issued a $0.29 dividend. The ex-dividend date was Tuesday, May 21st. This represents a $1.16 dividend on an annualized basis and a yield of 4.28%. Manulife Financial’s dividend payout ratio is presently 67.44%.

Manulife Financial Company Profile

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.