Manulife Financial Co. (NYSE:MFC) Shares Acquired by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. increased its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 7.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,930 shares of the financial services provider’s stock after buying an additional 912 shares during the period. Legacy Capital Group California Inc.’s holdings in Manulife Financial were worth $371,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in MFC. Sumitomo Life Insurance Co. purchased a new stake in Manulife Financial during the 2nd quarter valued at about $794,000. FMA Wealth Management LLC purchased a new stake in shares of Manulife Financial in the second quarter valued at approximately $207,000. Blue Trust Inc. grew its position in shares of Manulife Financial by 64.6% in the second quarter. Blue Trust Inc. now owns 12,820 shares of the financial services provider’s stock valued at $320,000 after purchasing an additional 5,030 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Manulife Financial by 1.3% in the second quarter. Assenagon Asset Management S.A. now owns 52,394 shares of the financial services provider’s stock valued at $1,395,000 after purchasing an additional 688 shares during the last quarter. Finally, Redhawk Wealth Advisors Inc. lifted its position in Manulife Financial by 30.8% during the second quarter. Redhawk Wealth Advisors Inc. now owns 46,512 shares of the financial services provider’s stock worth $1,238,000 after buying an additional 10,961 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Analysts Set New Price Targets

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

Manulife Financial Stock Performance

Shares of MFC traded up $0.29 during mid-day trading on Wednesday, hitting $26.07. 967,974 shares of the company’s stock were exchanged, compared to its average volume of 2,796,761. The stock’s 50-day moving average is $25.99 and its 200-day moving average is $24.97. Manulife Financial Co. has a fifty-two week low of $17.07 and a fifty-two week high of $27.51. The company has a market cap of $46.66 billion, a price-to-earnings ratio of 15.17, a P/E/G ratio of 0.94 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.27. The company had revenue of $9.41 billion for the quarter, compared to analyst estimates of $8.95 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. During the same period in the prior year, the business earned $0.62 EPS. As a group, equities research analysts anticipate that Manulife Financial Co. will post 2.72 EPS for the current year.

Manulife Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, August 21st will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $1.16 annualized dividend and a yield of 4.45%. Manulife Financial’s payout ratio is 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.