FMA Wealth Management LLC trimmed its stake in shares of Manulife Financial Co. (NYSE:MFC – Free Report) (TSE:MFC) by 11.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 6,898 shares of the financial services provider’s stock after selling 886 shares during the quarter. FMA Wealth Management LLC’s holdings in Manulife Financial were worth $204,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Grove Bank & Trust purchased a new position in Manulife Financial during the 2nd quarter worth approximately $25,000. West Financial Advisors LLC acquired a new stake in Manulife Financial during the 3rd quarter worth about $26,000. Bruce G. Allen Investments LLC grew its stake in Manulife Financial by 73.6% during the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 490 shares in the last quarter. Addison Advisors LLC increased its holdings in shares of Manulife Financial by 77.2% in the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 467 shares during the period. Finally, HHM Wealth Advisors LLC lifted its position in shares of Manulife Financial by 119.0% in the second quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.
Manulife Financial Stock Down 0.5 %
Shares of NYSE:MFC traded down $0.16 on Tuesday, reaching $30.32. The company had a trading volume of 1,078,620 shares, compared to its average volume of 2,637,760. The stock has a market capitalization of $54.26 billion, a P/E ratio of 17.72, a P/E/G ratio of 1.09 and a beta of 1.08. The stock has a 50-day moving average price of $27.79 and a 200 day moving average price of $26.24. Manulife Financial Co. has a twelve month low of $17.07 and a twelve month high of $30.54.
Manulife Financial Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st were given a $0.29 dividend. The ex-dividend date was Wednesday, August 21st. This represents a $1.16 annualized dividend and a dividend yield of 3.83%. Manulife Financial’s dividend payout ratio is 66.86%.
Analyst Ratings Changes
Several research firms have weighed in on MFC. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Barclays began coverage on Manulife Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating on the stock. Finally, TD Securities raised their price target on Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $35.67.
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.
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