Manulife Financial Co. (NYSE:MFC) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lowered its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 7.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,255,008 shares of the financial services provider’s stock after selling 98,944 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Manulife Financial were worth $33,408,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MFC. Janney Montgomery Scott LLC raised its stake in Manulife Financial by 3.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 88,799 shares of the financial services provider’s stock valued at $1,962,000 after buying an additional 2,906 shares in the last quarter. Brown Advisory Inc. raised its stake in Manulife Financial by 106.3% during the fourth quarter. Brown Advisory Inc. now owns 27,367 shares of the financial services provider’s stock valued at $605,000 after buying an additional 14,103 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Manulife Financial by 9.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 94,391 shares of the financial services provider’s stock valued at $2,086,000 after buying an additional 8,123 shares in the last quarter. D.A. Davidson & CO. raised its stake in Manulife Financial by 2.6% during the fourth quarter. D.A. Davidson & CO. now owns 32,557 shares of the financial services provider’s stock valued at $720,000 after buying an additional 820 shares in the last quarter. Finally, Corient Private Wealth LLC raised its stake in Manulife Financial by 98.6% during the fourth quarter. Corient Private Wealth LLC now owns 203,629 shares of the financial services provider’s stock valued at $4,500,000 after buying an additional 101,081 shares in the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. Barclays started coverage on Manulife Financial in a research report on Thursday, September 5th. They set an “equal weight” rating on the stock. Finally, TD Securities increased their price target on Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Manulife Financial currently has an average rating of “Moderate Buy” and a consensus price target of $35.67.

Manulife Financial Price Performance

Shares of MFC stock opened at $28.77 on Friday. Manulife Financial Co. has a 12-month low of $17.07 and a 12-month high of $28.97. The firm has a market capitalization of $51.49 billion, a price-to-earnings ratio of 16.73, a price-to-earnings-growth ratio of 1.02 and a beta of 1.08. The business has a 50 day simple moving average of $26.59 and a 200 day simple moving average of $25.59.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data 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. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. The business had revenue of $9.41 billion during the quarter, compared to analyst estimates of $8.95 billion. During the same period in the prior year, the company posted $0.62 EPS. On average, equities analysts anticipate that Manulife Financial Co. will post 2.72 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Wednesday, August 21st were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date was Wednesday, August 21st. Manulife Financial’s dividend payout ratio (DPR) is 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.