Van ECK Associates Corp Purchases 77,864 Shares of Manulife Financial Co. (NYSE:MFC)

Van ECK Associates Corp lifted its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 29.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 343,736 shares of the financial services provider’s stock after buying an additional 77,864 shares during the period. Van ECK Associates Corp’s holdings in Manulife Financial were worth $10,325,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in MFC. Duality Advisers LP boosted its position in Manulife Financial by 795.2% during the 1st quarter. Duality Advisers LP now owns 217,658 shares of the financial services provider’s stock valued at $5,439,000 after acquiring an additional 193,343 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Manulife Financial by 1,210.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,161,059 shares of the financial services provider’s stock valued at $30,922,000 after purchasing an additional 1,072,474 shares in the last quarter. Bessemer Group Inc. grew its stake in Manulife Financial by 2,913.7% in the first quarter. Bessemer Group Inc. now owns 86,615 shares of the financial services provider’s stock valued at $2,163,000 after purchasing an additional 83,741 shares during the last quarter. Legal & General Group Plc raised its holdings in Manulife Financial by 0.5% in the second quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider’s stock worth $393,592,000 after purchasing an additional 75,244 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Manulife Financial by 1.0% during the first quarter. Vanguard Group Inc. now owns 72,289,251 shares of the financial services provider’s stock valued at $1,806,508,000 after buying an additional 727,764 shares during the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Trading Up 4.3 %

Shares of Manulife Financial stock opened at $31.29 on Thursday. Manulife Financial Co. has a 12-month low of $18.05 and a 12-month high of $31.40. The firm’s 50 day simple moving average is $29.21 and its two-hundred day simple moving average is $26.96. The firm has a market capitalization of $55.04 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 1.08 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its earnings results 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. The company had revenue of $9.41 billion during the quarter, compared to analyst estimates of $8.95 billion. Manulife Financial had a return on equity of 16.16% and a net margin of 9.18%. During the same quarter last year, the business posted $0.62 EPS. On average, sell-side analysts predict that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Barclays assumed coverage on shares of Manulife Financial in a research note on Thursday, September 5th. They set an “equal weight” rating for the company. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus 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.