Advisors Asset Management Inc. Decreases Stake in Manulife Financial Co. (NYSE:MFC)

Advisors Asset Management Inc. reduced its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 15.1% during the third quarter, HoldingsChannel reports. The fund owned 34,559 shares of the financial services provider’s stock after selling 6,137 shares during the quarter. Advisors Asset Management Inc.’s holdings in Manulife Financial were worth $1,021,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in MFC. West Financial Advisors LLC bought a new stake in shares of Manulife Financial in the third quarter valued at approximately $26,000. Grove Bank & Trust bought a new stake in Manulife Financial during the 2nd quarter valued at $25,000. Capital Performance Advisors LLP purchased a new stake in shares of Manulife Financial during the third quarter worth $30,000. Fortitude Family Office LLC bought a new position in shares of Manulife Financial in the third quarter worth $31,000. Finally, Addison Advisors LLC grew its position in shares of Manulife Financial by 77.2% in the second 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 in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Stock Down 1.6 %

Shares of NYSE MFC opened at $31.96 on Tuesday. The stock’s 50-day simple moving average is $30.45 and its two-hundred day simple moving average is $27.76. Manulife Financial Co. has a twelve month low of $19.20 and a twelve month high of $33.07. The firm has a market capitalization of $55.99 billion, a P/E 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 quarterly earnings data on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $9.73 billion. During the same period in the prior year, the business earned $0.69 earnings per share. As a group, 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 disclosed 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. This is an increase from Manulife Financial’s previous quarterly dividend of $0.29. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date of this dividend is Wednesday, November 20th. Manulife Financial’s payout ratio is currently 57.00%.

Analysts Set New Price Targets

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

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.