Park Avenue Securities LLC Acquires 963 Shares of Manulife Financial Co. (NYSE:MFC)

Park Avenue Securities LLC grew its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 8.8% during the 1st quarter, HoldingsChannel reports. The firm owned 11,867 shares of the financial services provider’s stock after purchasing an additional 963 shares during the quarter. Park Avenue Securities LLC’s holdings in Manulife Financial were worth $297,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Prudential PLC increased its position in Manulife Financial by 11.1% during the 4th quarter. Prudential PLC now owns 1,141,942 shares of the financial services provider’s stock worth $25,235,000 after purchasing an additional 114,213 shares in the last quarter. Alberta Investment Management Corp increased its holdings in shares of Manulife Financial by 21.4% during the fourth quarter. Alberta Investment Management Corp now owns 4,182,203 shares of the financial services provider’s stock worth $92,867,000 after buying an additional 737,203 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Manulife Financial in the 4th quarter valued at $1,846,000. Claret Asset Management Corp boosted its holdings in shares of Manulife Financial by 1.0% during the 4th quarter. Claret Asset Management Corp now owns 89,860 shares of the financial services provider’s stock valued at $1,987,000 after acquiring an additional 904 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its position in Manulife Financial by 109.4% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 199,140 shares of the financial services provider’s stock worth $4,401,000 after acquiring an additional 104,026 shares during the last quarter. 52.56% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on MFC. TD Securities lifted their price target on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday. National Bank Financial raised shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a research report on Thursday, May 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Manulife Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Manulife Financial Stock Up 0.5 %

NYSE:MFC opened at $26.62 on Monday. Manulife Financial Co. has a twelve month low of $17.07 and a twelve month high of $26.81. The company has a fifty day moving average of $25.41 and a 200-day moving average of $23.83. The firm has a market capitalization of $47.64 billion, a P/E ratio of 15.48, a P/E/G ratio of 0.97 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. The company had revenue of $9.49 billion for the quarter, compared to analysts’ expectations of $8.85 billion. On average, analysts anticipate that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.36%. The ex-dividend date was Tuesday, May 21st. Manulife Financial’s payout ratio is currently 67.44%.

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.