Manulife Financial Co. (NYSE:MFC) Stock Holdings Lowered by Tobam

Tobam cut its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 51.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,489 shares of the financial services provider’s stock after selling 3,684 shares during the period. Tobam’s holdings in Manulife Financial were worth $103,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. West Financial Advisors LLC bought a new stake in shares of Manulife Financial during the 3rd quarter worth $26,000. Grove Bank & Trust purchased a new position in Manulife Financial in the 2nd quarter worth about $25,000. Addison Advisors LLC raised its holdings in Manulife Financial by 77.2% during the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock worth $29,000 after buying an additional 467 shares during the period. HHM Wealth Advisors LLC lifted its stake in Manulife Financial by 119.0% during the second quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock valued at $29,000 after buying an additional 600 shares in the last quarter. Finally, Bruce G. Allen Investments LLC boosted its holdings in shares of Manulife Financial by 73.6% in 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. 52.56% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on MFC shares. TD Securities upped their price target on Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Barclays started coverage on shares of Manulife Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating for the company. Finally, Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $35.67.

Manulife Financial Stock Performance

MFC opened at $30.11 on Friday. Manulife Financial Co. has a twelve month low of $17.07 and a twelve month high of $30.25. The firm has a market cap of $52.95 billion, a price-to-earnings ratio of 17.40, a PEG ratio of 1.09 and a beta of 1.08. The firm’s 50-day simple moving average is $27.46 and its 200-day simple moving average is $26.11.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.27. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. The firm had revenue of $9.41 billion for the quarter, compared to analyst estimates of $8.95 billion. During the same period last year, the company earned $0.62 EPS. As a group, sell-side analysts anticipate that Manulife Financial Co. will post 2.73 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend was Wednesday, August 21st. Manulife Financial’s dividend payout ratio (DPR) is 67.05%.

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.