Commerce Bank Acquires 2,676 Shares of Manulife Financial Co. (NYSE:MFC)

Commerce Bank raised its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 24.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,696 shares of the financial services provider’s stock after purchasing an additional 2,676 shares during the quarter. Commerce Bank’s holdings in Manulife Financial were worth $405,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MFC. Grove Bank & Trust acquired a new position in Manulife Financial in the 2nd quarter valued at about $25,000. West Financial Advisors LLC acquired a new position in shares of Manulife Financial in the third quarter valued at approximately $26,000. Addison Advisors LLC increased its stake in shares of Manulife Financial by 77.2% during the second quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 467 shares during the period. HHM Wealth Advisors LLC lifted its holdings in 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 worth $29,000 after purchasing an additional 600 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in Manulife Financial in the 3rd quarter valued at $30,000. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Manulife Financial Stock Down 0.4 %

MFC stock opened at $31.84 on Wednesday. The company has a market cap of $55.78 billion, a PE ratio of 15.38, a price-to-earnings-growth ratio of 1.18 and a beta of 1.08. Manulife Financial Co. has a 52 week low of $19.20 and a 52 week high of $33.07. The business has a 50-day simple moving average of $30.53 and a 200 day simple moving average of $27.81.

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

Manulife Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be issued a dividend of $0.296 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.72%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.29. Manulife Financial’s payout ratio is 57.00%.

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.