Crossmark Global Holdings Inc. Cuts Stock Position in Manulife Financial Co. (NYSE:MFC)

Crossmark Global Holdings Inc. trimmed its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 4.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 154,036 shares of the financial services provider’s stock after selling 7,322 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Manulife Financial were worth $4,101,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Grove Bank & Trust purchased a new stake in Manulife Financial during the second quarter valued at approximately $25,000. Bruce G. Allen Investments LLC lifted its holdings in shares of Manulife Financial by 73.6% during the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 490 shares during the last quarter. Fortis Group Advisors LLC boosted its position in shares of Manulife Financial by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 605 shares in the last quarter. SageView Advisory Group LLC purchased a new position in Manulife Financial during the 1st quarter worth $32,000. Finally, Creekmur Asset Management LLC acquired a new position in Manulife Financial during the 4th quarter valued at about $30,000. 52.56% of the stock is currently owned by institutional investors.

Manulife Financial Stock Up 0.8 %

Shares of NYSE MFC opened at $27.60 on Friday. Manulife Financial Co. has a 52 week low of $17.07 and a 52 week high of $27.75. The firm has a market cap of $49.40 billion, a P/E ratio of 16.05, a P/E/G ratio of 0.94 and a beta of 1.09. The business’s 50 day moving average price is $26.19 and its 200 day moving average price is $25.15.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.27. The firm had revenue of $9.41 billion for the quarter, compared to analyst estimates of $8.95 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. During the same quarter in the prior year, the business earned $0.62 earnings per share. As a group, research analysts expect that Manulife Financial Co. will post 2.72 earnings per share for the current year.

Manulife Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st will be paid a $0.29 dividend. The ex-dividend date is Wednesday, August 21st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.20%. Manulife Financial’s payout ratio is 66.86%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MFC shares. TD Securities raised their price target on Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. National Bank Financial upgraded shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th. Finally, Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, 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.