Zurich Insurance Group Ltd FI trimmed its stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 64.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 79,300 shares of the financial services provider’s stock after selling 146,123 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Manulife Financial were worth $1,443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of MFC. Enterprise Trust & Investment Co purchased a new stake in shares of Manulife Financial in the second quarter worth approximately $25,000. Cullen Frost Bankers Inc. lifted its position in shares of Manulife Financial by 72.7% in the second quarter. Cullen Frost Bankers Inc. now owns 1,900 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 800 shares in the last quarter. Rehmann Capital Advisory Group lifted its position in shares of Manulife Financial by 206.3% in the first quarter. Rehmann Capital Advisory Group now owns 2,205 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 1,485 shares in the last quarter. Compagnie Lombard Odier SCmA purchased a new stake in shares of Manulife Financial in the second quarter worth approximately $38,000. Finally, Manchester Financial Inc. purchased a new stake in shares of Manulife Financial in the second quarter worth approximately $41,000. 45.91% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts recently commented on the company. Zacks Investment Research upgraded Manulife Financial from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a report on Tuesday, July 23rd. ValuEngine downgraded Manulife Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $25.67.
Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.01). Manulife Financial had a return on equity of 13.27% and a net margin of 9.36%. The firm had revenue of $16.60 billion during the quarter. During the same quarter in the prior year, the company earned $0.70 EPS. Research analysts predict that Manulife Financial Co. will post 2.21 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Tuesday, August 20th were issued a $0.189 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.76 dividend on an annualized basis and a yield of 4.15%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.13. Manulife Financial’s dividend payout ratio is currently 36.02%.
Manulife Financial Company 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.
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