Manulife Financial Co. (NYSE:MFC) Stock Holdings Lessened by Investment Management Corp of Ontario

Investment Management Corp of Ontario lowered its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 8.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 78,895 shares of the financial services provider’s stock after selling 7,600 shares during the period. Investment Management Corp of Ontario’s holdings in Manulife Financial were worth $2,331,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of MFC. 1832 Asset Management L.P. grew its position in Manulife Financial by 34.3% during the 2nd quarter. 1832 Asset Management L.P. now owns 19,723,609 shares of the financial services provider’s stock worth $525,042,000 after purchasing an additional 5,036,716 shares in the last quarter. Acadian Asset Management LLC grew its position in Manulife Financial by 288.4% during the 2nd quarter. Acadian Asset Management LLC now owns 3,943,509 shares of the financial services provider’s stock worth $104,966,000 after purchasing an additional 2,928,316 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in Manulife Financial during the 2nd quarter worth approximately $35,806,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Manulife Financial by 1,210.7% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,161,059 shares of the financial services provider’s stock worth $30,922,000 after purchasing an additional 1,072,474 shares in the last quarter. Finally, Bridgewater Associates LP grew its position in Manulife Financial by 169.6% during the 3rd quarter. Bridgewater Associates LP now owns 1,404,481 shares of the financial services provider’s stock worth $41,554,000 after purchasing an additional 883,624 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MFC shares. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Barclays started coverage on shares of Manulife Financial in a report on Thursday, September 5th. They set an “equal weight” rating on the stock. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $37.50.

Manulife Financial Stock Up 0.7 %

NYSE:MFC opened at $32.29 on Thursday. The company’s 50 day moving average is $30.92 and its 200-day moving average is $28.04. Manulife Financial Co. has a 12 month low of $19.68 and a 12 month high of $33.07. The firm has a market cap of $56.57 billion, a price-to-earnings ratio of 15.60, a P/E/G ratio of 1.19 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, November 6th. The financial services provider reported $1.00 EPS for the quarter, topping the consensus estimate of $0.70 by $0.30. The firm had revenue of $10.69 billion for the quarter, compared to the consensus estimate of $9.73 billion. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. During the same quarter last year, the firm posted $0.69 EPS. Research analysts predict that Manulife Financial Co. will post 2.72 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be issued a $0.296 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.18 dividend on an annualized basis and a yield of 3.67%. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. Manulife Financial’s dividend payout ratio (DPR) is 57.00%.

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.