PNC Financial Services Group Inc. Has $2.51 Million Stock Holdings in Manulife Financial Co. (NYSE:MFC)

PNC Financial Services Group Inc. trimmed its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 18.5% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 84,902 shares of the financial services provider’s stock after selling 19,287 shares during the period. PNC Financial Services Group Inc.’s holdings in Manulife Financial were worth $2,509,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Toronto Dominion Bank boosted its holdings in Manulife Financial by 3.2% in the second quarter. Toronto Dominion Bank now owns 24,057,503 shares of the financial services provider’s stock valued at $640,411,000 after acquiring an additional 750,422 shares during the last quarter. 1832 Asset Management L.P. grew its position in shares of 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 buying an additional 5,036,716 shares during the period. Legal & General Group Plc grew its position in shares of Manulife Financial by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider’s stock worth $393,592,000 after buying an additional 75,244 shares during the period. Acadian Asset Management LLC raised its stake in shares of Manulife Financial by 288.4% during the second quarter. Acadian Asset Management LLC now owns 3,943,509 shares of the financial services provider’s stock worth $104,966,000 after buying an additional 2,928,316 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its holdings in Manulife Financial by 2.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 2,145,519 shares of the financial services provider’s stock valued at $56,662,000 after buying an additional 56,677 shares during the period. 52.56% of the stock is owned by institutional investors and hedge funds.

Manulife Financial Stock Down 1.6 %

Shares of NYSE MFC opened at $31.96 on Tuesday. Manulife Financial Co. has a twelve month low of $19.20 and a twelve month high of $33.07. The company’s fifty day moving average is $30.45 and its 200-day moving average is $27.76. The stock has a market cap of $55.99 billion, a price-to-earnings ratio of 15.44, a P/E/G ratio of 1.18 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.30. The firm had revenue of $10.69 billion during the quarter, compared to analysts’ expectations of $9.73 billion. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. During the same period in the previous year, the firm earned $0.69 earnings per share. On average, research analysts anticipate that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business 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 dividend of $0.296 per share. This is an increase from Manulife Financial’s previous quarterly dividend of $0.29. This represents a $1.18 annualized dividend and a yield of 3.70%. The ex-dividend date is Wednesday, November 20th. Manulife Financial’s dividend payout ratio (DPR) is 57.00%.

Wall Street Analysts Forecast Growth

MFC has been the subject of several recent research reports. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Barclays initiated coverage on Manulife Financial in a report on Thursday, September 5th. They issued an “equal weight” rating for the company. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $37.50.

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.