Wesbanco Bank Inc. Sells 2,000 Shares of Manulife Financial Co. (NYSE:MFC)

Wesbanco Bank Inc. cut its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 13.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 12,469 shares of the financial services provider’s stock after selling 2,000 shares during the period. Wesbanco Bank Inc.’s holdings in Manulife Financial were worth $368,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Grove Bank & Trust bought a new stake in shares of Manulife Financial in the 2nd quarter valued at about $25,000. West Financial Advisors LLC purchased a new position in Manulife Financial in the 3rd quarter worth approximately $26,000. Bruce G. Allen Investments LLC increased its stake 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. Addison Advisors LLC lifted its position in 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 during the last quarter. Finally, HHM Wealth Advisors LLC boosted its stake in shares of Manulife Financial by 119.0% during the second quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 600 shares during the period. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on MFC. TD Securities lifted their target price on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Finally, Barclays initiated coverage on Manulife Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating on the stock. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Manulife Financial presently has a consensus rating of “Buy” and a consensus price target of $35.67.

Manulife Financial Trading Up 1.1 %

Shares of NYSE MFC opened at $30.67 on Thursday. The firm has a fifty day simple moving average of $28.03 and a two-hundred day simple moving average of $26.31. The firm has a market capitalization of $54.88 billion, a PE ratio of 17.83, a price-to-earnings-growth ratio of 1.09 and a beta of 1.08. Manulife Financial Co. has a 12 month low of $17.07 and a 12 month high of $30.67.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.27. The company had revenue of $9.41 billion during the quarter, compared to the consensus estimate of $8.95 billion. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. During the same period in the prior year, the firm earned $0.62 earnings per share. On average, sell-side analysts predict that Manulife Financial Co. will post 2.73 earnings per share for the current year.

Manulife Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date was Wednesday, August 21st. Manulife Financial’s payout ratio is presently 66.86%.

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.