Tobam Has $191,000 Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Tobam cut its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 22.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,173 shares of the financial services provider’s stock after selling 2,026 shares during the period. Tobam’s holdings in Manulife Financial were worth $191,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Prudential PLC grew its stake in Manulife Financial by 11.1% in the 4th quarter. Prudential PLC now owns 1,141,942 shares of the financial services provider’s stock worth $25,235,000 after buying an additional 114,213 shares in the last quarter. Duality Advisers LP raised its stake in Manulife Financial by 795.2% during the 1st quarter. Duality Advisers LP now owns 217,658 shares of the financial services provider’s stock valued at $5,439,000 after buying an additional 193,343 shares during the last quarter. Alberta Investment Management Corp grew its position in shares of Manulife Financial by 21.4% during the 4th quarter. Alberta Investment Management Corp now owns 4,182,203 shares of the financial services provider’s stock valued at $92,867,000 after acquiring an additional 737,203 shares during the period. Bessemer Group Inc. raised its stake in Manulife Financial by 2,913.7% during the 1st quarter. Bessemer Group Inc. now owns 86,615 shares of the financial services provider’s stock worth $2,163,000 after acquiring an additional 83,741 shares during the period. Finally, International Assets Investment Management LLC bought a new position in Manulife Financial in the 4th quarter worth approximately $1,846,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Analyst Ratings Changes

MFC has been the topic of several analyst reports. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. TD Securities increased their price objective on Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, June 28th. Finally, National Bank Financial raised shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $35.67.

Manulife Financial Trading Up 0.6 %

MFC stock traded up $0.16 during midday trading on Friday, hitting $27.54. 468,523 shares of the company’s stock were exchanged, compared to its average volume of 2,798,198. The stock has a market capitalization of $49.29 billion, a price-to-earnings ratio of 16.00, a price-to-earnings-growth ratio of 0.94 and a beta of 1.09. Manulife Financial Co. has a 12-month low of $17.07 and a 12-month high of $27.75. The firm has a 50 day moving average price of $26.16 and a 200-day moving average price of $25.14.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.27. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. The business had revenue of $9.41 billion during the quarter, compared to the consensus estimate of $8.95 billion. During the same quarter in the prior year, the company posted $0.62 earnings per share. On average, sell-side analysts forecast that Manulife Financial Co. will post 2.72 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.21%. The ex-dividend date of this dividend is Wednesday, August 21st. Manulife Financial’s payout ratio is presently 66.86%.

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.