Avior Wealth Management LLC Buys 6,321 Shares of Manulife Financial Co. (NYSE:MFC)

Avior Wealth Management LLC boosted its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 279.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,582 shares of the financial services provider’s stock after buying an additional 6,321 shares during the period. Avior Wealth Management LLC’s holdings in Manulife Financial were worth $254,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MFC. Grove Bank & Trust bought a new stake in shares of Manulife Financial during the second quarter valued at approximately $25,000. West Financial Advisors LLC acquired a new stake in Manulife Financial in the 3rd quarter valued at $26,000. Addison Advisors LLC increased its stake in Manulife Financial by 77.2% during the 2nd 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. HHM Wealth Advisors LLC raised its holdings in 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 worth $29,000 after buying an additional 600 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of Manulife Financial in the third quarter valued at $30,000. 52.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MFC has been the subject of several recent research reports. Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Barclays initiated coverage on Manulife Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating for the company. One 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. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $37.50.

Manulife Financial Stock Performance

Shares of MFC stock opened at $32.48 on Friday. The company has a market capitalization of $56.90 billion, a price-to-earnings ratio of 15.69, a PEG ratio of 1.19 and a beta of 1.08. Manulife Financial Co. has a 52-week low of $19.13 and a 52-week high of $33.07. The company has a 50-day simple moving average of $30.38 and a two-hundred day simple moving average of $27.67.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.30. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. The company had revenue of $10.69 billion during the quarter, compared to analyst estimates of $9.73 billion. During the same period in the prior year, the company posted $0.69 earnings per share. On average, sell-side analysts forecast that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be paid a dividend of $0.296 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.65%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date is Wednesday, November 20th. Manulife Financial’s payout ratio is presently 57.00%.

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.