Wealth Alliance Decreases Position in Manulife Financial Co. (NYSE:MFC)

Wealth Alliance lessened its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 4.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,949 shares of the financial services provider’s stock after selling 1,019 shares during the period. Wealth Alliance’s holdings in Manulife Financial were worth $611,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Grove Bank & Trust purchased a new position in Manulife Financial in the 2nd quarter valued at approximately $25,000. Addison Advisors LLC raised its holdings in shares of Manulife Financial by 77.2% in 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 shares of Manulife Financial by 119.0% in the 2nd 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 in the last quarter. Bruce G. Allen Investments LLC raised its holdings in shares of 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 valued at $29,000 after purchasing an additional 490 shares in the last quarter. Finally, Sachetta LLC raised its holdings in shares of Manulife Financial by 209.5% in the 2nd quarter. Sachetta LLC now owns 1,170 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 792 shares in the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $28.26 on Thursday. The company’s fifty day moving average price is $26.52 and its 200 day moving average price is $25.54. Manulife Financial Co. has a 12 month low of $17.07 and a 12 month high of $28.56. The firm has a market capitalization of $50.57 billion, a P/E ratio of 16.43, a P/E/G ratio of 1.02 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.64 by $0.27. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. The firm had revenue of $9.41 billion for the quarter, compared to analyst estimates of $8.95 billion. During the same period last year, the business earned $0.62 EPS. On average, sell-side analysts anticipate that Manulife Financial Co. will post 2.72 EPS for the current year.

Manulife Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders 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 yield of 4.11%. Manulife Financial’s dividend payout ratio is presently 66.86%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MFC shares. TD Securities raised their price objective on shares of Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, June 28th. Barclays started coverage on shares of Manulife Financial in a report on Thursday, September 5th. They issued an “equal weight” rating on the stock. Finally, Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target 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.