M&T Bank Corp cut its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 2.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,634 shares of the financial services provider’s stock after selling 1,407 shares during the quarter. M&T Bank Corp’s holdings in Manulife Financial were worth $902,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Caisse DE Depot ET Placement DU Quebec boosted its stake in Manulife Financial by 1.1% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 38,517,566 shares of the financial services provider’s stock worth $651,594,000 after purchasing an additional 427,756 shares during the period. Letko Brosseau & Associates Inc. grew its stake in Manulife Financial by 2.7% during the second quarter. Letko Brosseau & Associates Inc. now owns 22,597,533 shares of the financial services provider’s stock valued at $411,572,000 after acquiring an additional 598,114 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in Manulife Financial by 2.1% during the first quarter. Great West Life Assurance Co. Can now owns 20,324,434 shares of the financial services provider’s stock valued at $342,587,000 after acquiring an additional 416,167 shares in the last quarter. FIL Ltd grew its stake in Manulife Financial by 10.6% during the first quarter. FIL Ltd now owns 15,780,870 shares of the financial services provider’s stock valued at $266,882,000 after acquiring an additional 1,506,213 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Manulife Financial by 5.0% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 15,084,522 shares of the financial services provider’s stock worth $274,736,000 after acquiring an additional 721,214 shares during the period. 45.92% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have issued reports on the stock. ValuEngine cut shares of Manulife Financial from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Zacks Investment Research upgraded shares of Manulife Financial from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $25.67.
Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.01). The business had revenue of $16.60 billion for the quarter. Manulife Financial had a net margin of 9.36% and a return on equity of 13.27%. During the same period in the previous year, the business posted $0.70 EPS. As a group, equities analysts forecast that Manulife Financial Co. will post 2.21 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Tuesday, August 20th will be paid a $0.189 dividend. This is an increase from Manulife Financial’s previous quarterly dividend of $0.13. This represents a $0.76 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date is Monday, August 19th. Manulife Financial’s dividend payout ratio (DPR) is currently 36.02%.
Manulife Financial Profile
Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing.
See Also: Trading Options- What is a Strangle?
Receive News & Ratings for Manulife Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Manulife Financial and related companies with MarketBeat.com's FREE daily email newsletter.