Manulife Financial Co. (NYSE:MFC) Shares Sold by Rathbones Group PLC

Rathbones Group PLC lessened its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 2.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 114,150 shares of the financial services provider’s stock after selling 2,500 shares during the quarter. Rathbones Group PLC’s holdings in Manulife Financial were worth $3,039,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Grove Bank & Trust acquired a new position in shares of Manulife Financial during the 2nd quarter valued at $25,000. Fortis Group Advisors LLC grew its holdings in Manulife Financial by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 605 shares during the period. Bruce G. Allen Investments LLC raised its position in Manulife Financial by 73.6% in the first quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 490 shares in the last quarter. Addison Advisors LLC lifted its holdings in 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 acquiring an additional 467 shares during the last quarter. Finally, HHM Wealth Advisors LLC boosted its position in shares of Manulife Financial by 119.0% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 600 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Up 0.5 %

Shares of Manulife Financial stock opened at $28.08 on Monday. The stock has a market cap of $49.70 billion, a PE ratio of 16.33, a price-to-earnings-growth ratio of 1.02 and a beta of 1.08. Manulife Financial Co. has a 12 month low of $17.07 and a 12 month high of $28.17. The business has a fifty day simple moving average of $26.45 and a 200-day simple moving average of $25.46.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.27. The firm had revenue of $9.41 billion during the quarter, compared to analyst estimates of $8.95 billion. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. During the same period last year, the company posted $0.62 EPS. Analysts expect that Manulife Financial Co. will post 2.72 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st will be given a $0.29 dividend. The ex-dividend date is Wednesday, August 21st. This represents a $1.16 dividend on an annualized basis and a yield of 4.13%. Manulife Financial’s payout ratio is 67.44%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. TD Securities increased their target price on shares of Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Barclays began coverage on Manulife Financial in a research note on Thursday, September 5th. They set an “equal weight” rating for the company. Finally, Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $35.67.

Manulife Financial 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.