Raymond James Trust N.A. Sells 2,581 Shares of Manulife Financial Co. (NYSE:MFC)

Raymond James Trust N.A. lowered its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 10.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 21,377 shares of the financial services provider’s stock after selling 2,581 shares during the quarter. Raymond James Trust N.A.’s holdings in Manulife Financial were worth $569,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MFC. International Assets Investment Management LLC bought a new position in shares of Manulife Financial during the fourth quarter valued at about $1,846,000. CWM LLC increased its stake in Manulife Financial by 24.8% in the 4th quarter. CWM LLC now owns 15,690 shares of the financial services provider’s stock worth $347,000 after purchasing an additional 3,120 shares during the period. Van ECK Associates Corp lifted its position in Manulife Financial by 7.0% in the fourth quarter. Van ECK Associates Corp now owns 233,232 shares of the financial services provider’s stock valued at $5,157,000 after purchasing an additional 15,280 shares during the last quarter. Kestra Private Wealth Services LLC lifted its position in Manulife Financial by 73.1% in the fourth quarter. Kestra Private Wealth Services LLC now owns 48,404 shares of the financial services provider’s stock valued at $1,070,000 after purchasing an additional 20,434 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in shares of Manulife Financial by 13.4% in the fourth quarter. First Horizon Advisors Inc. now owns 5,425 shares of the financial services provider’s stock worth $120,000 after purchasing an additional 641 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Up 0.1 %

NYSE:MFC opened at $27.19 on Tuesday. The company has a 50-day moving average price of $26.09 and a 200-day moving average price of $25.09. The stock has a market cap of $48.65 billion, a price-to-earnings ratio of 15.81, a P/E/G ratio of 0.94 and a beta of 1.09. Manulife Financial Co. has a 12 month low of $17.07 and a 12 month high of $27.51.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.64 by $0.27. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. The business had revenue of $9.41 billion during the quarter, compared to analyst estimates of $8.95 billion. During the same period last year, the business posted $0.62 earnings per share. Equities analysts forecast that Manulife Financial Co. will post 2.72 EPS for the current fiscal year.

Manulife Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Wednesday, August 21st will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, August 21st. This represents a $1.16 annualized dividend and a dividend yield of 4.27%. Manulife Financial’s dividend payout ratio is presently 66.86%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. National Bank Financial upgraded shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. TD Securities upped their price objective 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. Finally, Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. One 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. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $35.67.

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.