Ninepoint Partners LP Sells 4,562 Shares of Manulife Financial Co. (NYSE:MFC)

Ninepoint Partners LP trimmed its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 127,928 shares of the financial services provider’s stock after selling 4,562 shares during the period. Manulife Financial makes up about 0.3% of Ninepoint Partners LP’s portfolio, making the stock its 15th biggest position. Ninepoint Partners LP’s holdings in Manulife Financial were worth $3,405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Yousif Capital Management LLC lifted its position in Manulife Financial by 1.5% in the first quarter. Yousif Capital Management LLC now owns 30,377 shares of the financial services provider’s stock worth $759,000 after buying an additional 460 shares during the last quarter. Indiana Trust & Investment Management CO lifted its holdings in shares of Manulife Financial by 22.2% in the 2nd quarter. Indiana Trust & Investment Management CO now owns 2,540 shares of the financial services provider’s stock worth $68,000 after acquiring an additional 462 shares during the last quarter. Addison Advisors LLC boosted its stake in shares of Manulife Financial by 77.2% during the 2nd 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. First Affirmative Financial Network grew its holdings in Manulife Financial by 4.5% during the 1st quarter. First Affirmative Financial Network now owns 11,086 shares of the financial services provider’s stock valued at $277,000 after purchasing an additional 482 shares during the last quarter. Finally, Bruce G. Allen Investments LLC raised its position in Manulife Financial by 73.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 490 shares during the period. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Wall Street Analyst Weigh In

MFC has been the subject of several recent analyst reports. TD Securities boosted their target price on Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Barclays started coverage on Manulife Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating on the stock. Finally, Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $35.67.

Manulife Financial Stock Down 0.3 %

MFC opened at $29.53 on Friday. Manulife Financial Co. has a 52 week low of $17.07 and a 52 week high of $29.88. The company has a market capitalization of $52.85 billion, a P/E ratio of 17.17, a PEG ratio of 1.06 and a beta of 1.08. The stock’s fifty day moving average is $26.80 and its two-hundred day moving average is $25.74.

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, beating the consensus estimate of $0.64 by $0.27. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. The firm had revenue of $9.41 billion during the quarter, compared to the consensus estimate of $8.95 billion. During the same period in the previous year, the company posted $0.62 earnings per share. Equities analysts anticipate that Manulife Financial Co. will post 2.72 earnings per share for the current year.

Manulife Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st were given a $0.29 dividend. The ex-dividend date was Wednesday, August 21st. This represents a $1.16 annualized dividend and a dividend yield of 3.93%. Manulife Financial’s payout ratio is presently 66.86%.

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.