FineMark National Bank & Trust decreased its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 241,170 shares of the financial services provider’s stock after selling 8,455 shares during the quarter. FineMark National Bank & Trust’s holdings in Manulife Financial were worth $4,312,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the stock. Comerica Bank lifted its position in Manulife Financial by 7.0% during the third quarter. Comerica Bank now owns 120,830 shares of the financial services provider’s stock worth $1,939,000 after buying an additional 7,944 shares in the last quarter. Private Advisor Group LLC lifted its position in Manulife Financial by 12.8% during the third quarter. Private Advisor Group LLC now owns 28,656 shares of the financial services provider’s stock worth $512,000 after buying an additional 3,257 shares in the last quarter. CLARET ASSET MANAGEMENT Corp lifted its position in Manulife Financial by 3.4% during the third quarter. CLARET ASSET MANAGEMENT Corp now owns 112,409 shares of the financial services provider’s stock worth $2,009,000 after buying an additional 3,709 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Manulife Financial during the third quarter worth approximately $24,454,000. Finally, Waratah Capital Advisors Ltd. increased its stake in Manulife Financial by 93.1% during the third quarter. Waratah Capital Advisors Ltd. now owns 132,983 shares of the financial services provider’s stock worth $2,372,000 after acquiring an additional 64,100 shares during the last quarter. Hedge funds and other institutional investors own 46.21% of the company’s stock.
MFC stock opened at $16.48 on Tuesday. The firm has a market cap of $33.24 billion, a price-to-earnings ratio of 8.68, a price-to-earnings-growth ratio of 0.82 and a beta of 1.31. Manulife Financial Co. has a 52-week low of $14.99 and a 52-week high of $22.16.
Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, August 8th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.21. The company had revenue of $10.59 billion during the quarter. Manulife Financial had a return on equity of 12.69% and a net margin of 4.22%. During the same period last year, the business earned $0.57 EPS. Equities analysts expect that Manulife Financial Co. will post 2.03 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Tuesday, November 20th will be paid a dividend of $0.19 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.17. The ex-dividend date is Monday, November 19th. This represents a $0.76 annualized dividend and a yield of 4.61%. Manulife Financial’s dividend payout ratio (DPR) is 39.77%.
Several equities research analysts have issued reports on MFC shares. Desjardins reissued a “buy” rating on shares of Manulife Financial in a research note on Tuesday, October 16th. TheStreet cut Manulife Financial from a “b-” rating to a “c+” rating in a research note on Monday, October 15th. Zacks Investment Research raised Manulife Financial from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Friday, October 5th. Morgan Stanley cut their target price on Manulife Financial from $27.00 to $26.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 11th. Finally, ValuEngine cut Manulife Financial from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $25.67.
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About Manulife Financial
Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance through insurance agents, brokers, banks, financial planners, and direct marketing.
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