Gold Investment Management Ltd. Trims Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Gold Investment Management Ltd. lowered its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 9.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 181,177 shares of the financial services provider’s stock after selling 17,837 shares during the period. Manulife Financial makes up 2.2% of Gold Investment Management Ltd.’s portfolio, making the stock its 9th biggest position. Gold Investment Management Ltd.’s holdings in Manulife Financial were worth $5,354,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LGT Financial Advisors LLC bought a new position in shares of Manulife Financial during the 3rd quarter worth approximately $180,000. Foster & Motley Inc. raised its holdings in Manulife Financial by 1.1% in the 3rd quarter. Foster & Motley Inc. now owns 330,254 shares of the financial services provider’s stock valued at $9,759,000 after acquiring an additional 3,714 shares during the period. Crestwood Advisors Group LLC raised its holdings in Manulife Financial by 0.6% in the 3rd quarter. Crestwood Advisors Group LLC now owns 440,436 shares of the financial services provider’s stock valued at $13,015,000 after acquiring an additional 2,738 shares during the period. Van ECK Associates Corp lifted its position in Manulife Financial by 29.3% during the third quarter. Van ECK Associates Corp now owns 343,736 shares of the financial services provider’s stock worth $10,325,000 after acquiring an additional 77,864 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Manulife Financial by 40.8% in the third quarter. Farther Finance Advisors LLC now owns 3,328 shares of the financial services provider’s stock valued at $98,000 after purchasing an additional 964 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

MFC has been the topic of a number of research reports. Barclays assumed coverage on Manulife Financial in a report on Thursday, September 5th. They issued an “equal weight” rating on the stock. Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $35.67.

Manulife Financial Stock Down 1.2 %

NYSE MFC opened at $31.90 on Friday. The company has a market capitalization of $56.11 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 1.08 and a beta of 1.08. Manulife Financial Co. has a twelve month low of $18.42 and a twelve month high of $32.94. The stock has a fifty day simple moving average of $29.21 and a 200 day simple moving average of $26.96.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $8.95 billion. During the same period last year, the business posted $0.62 EPS. Research analysts expect that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be given a dividend of $0.296 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date is Wednesday, November 20th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.29. Manulife Financial’s dividend payout ratio is 67.05%.

About Manulife Financial

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.