Wealth Enhancement Advisory Services LLC Has $2.77 Million Holdings in Manulife Financial Co. (NYSE:MFC)

Wealth Enhancement Advisory Services LLC trimmed its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 93,804 shares of the financial services provider’s stock after selling 3,251 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Manulife Financial were worth $2,772,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Toronto Dominion Bank raised its position in Manulife Financial by 57.9% in the 1st quarter. Toronto Dominion Bank now owns 23,307,081 shares of the financial services provider’s stock worth $582,444,000 after purchasing an additional 8,548,114 shares during the last quarter. 1832 Asset Management L.P. lifted its stake in shares of Manulife Financial by 103.1% during the first quarter. 1832 Asset Management L.P. now owns 14,686,893 shares of the financial services provider’s stock valued at $367,025,000 after acquiring an additional 7,456,712 shares during the period. National Bank of Canada FI boosted its holdings in Manulife Financial by 14.8% in the first quarter. National Bank of Canada FI now owns 28,803,968 shares of the financial services provider’s stock valued at $749,435,000 after acquiring an additional 3,720,693 shares during the last quarter. M&G Plc acquired a new stake in Manulife Financial in the first quarter worth about $75,231,000. Finally, Acadian Asset Management LLC raised its holdings in Manulife Financial by 288.4% during the 2nd quarter. Acadian Asset Management LLC now owns 3,943,509 shares of the financial services provider’s stock worth $104,966,000 after purchasing an additional 2,928,316 shares during the last quarter. 52.56% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on MFC shares. Barclays initiated coverage on shares of Manulife Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating on the stock. Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $35.67.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $29.47 on Friday. The firm’s 50 day simple moving average is $29.03 and its 200 day simple moving average is $26.78. Manulife Financial Co. has a fifty-two week low of $18.00 and a fifty-two week high of $30.86. The company has a market capitalization of $51.83 billion, a price-to-earnings ratio of 17.03, a P/E/G ratio of 1.09 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.27. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. The company had revenue of $9.41 billion for the quarter, compared to analysts’ expectations of $8.95 billion. During the same period last year, the firm posted $0.62 earnings per share. Equities research analysts expect that Manulife Financial Co. will post 2.74 earnings per share for the current year.

Manulife Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st were paid a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $1.16 dividend on an annualized basis and a yield of 3.94%. Manulife Financial’s payout ratio is 66.47%.

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.