Massachusetts Financial Services Co. MA Trims Position in Manulife Financial Co. (NYSE:MFC)

Massachusetts Financial Services Co. MA lessened its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 9.6% during the second quarter, HoldingsChannel reports. The firm owned 7,787,376 shares of the financial services provider’s stock after selling 830,039 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Manulife Financial were worth $207,300,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Grove Bank & Trust purchased a new position in shares of Manulife Financial during the 2nd quarter worth $25,000. Fortis Group Advisors LLC lifted its stake in shares of Manulife Financial by 100.0% during 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 during the period. Bruce G. Allen Investments LLC lifted its stake 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 worth $29,000 after purchasing an additional 490 shares during the period. Addison Advisors LLC lifted 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. Finally, HHM Wealth Advisors LLC lifted its stake in shares of Manulife Financial by 119.0% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 600 shares during the period. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

NYSE:MFC opened at $28.27 on Wednesday. The business’s 50-day moving average is $26.50 and its two-hundred day moving average is $25.52. Manulife Financial Co. has a 12 month low of $17.07 and a 12 month high of $28.50. The firm has a market capitalization of $50.59 billion, a PE ratio of 16.43, a price-to-earnings-growth ratio of 1.02 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.91 EPS 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 company had revenue of $9.41 billion for the quarter, compared to analyst estimates of $8.95 billion. During the same period last year, the company posted $0.62 earnings per share. Equities analysts anticipate that Manulife Financial Co. will post 2.72 EPS for the current year.

Manulife Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.10%. The ex-dividend date is Wednesday, August 21st. Manulife Financial’s dividend payout ratio (DPR) is presently 66.86%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MFC shares. TD Securities increased their target price on Manulife Financial from $38.00 to $40.00 and gave the stock 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 raised Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $35.67.

Manulife Financial 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.