Advisors Asset Management Inc. Decreases Holdings in Manulife Financial Co. (MFC)

Advisors Asset Management Inc. decreased its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 99.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 58 shares of the financial services provider’s stock after selling 40,665 shares during the quarter. Advisors Asset Management Inc.’s holdings in Manulife Financial were worth $647,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. MUFG Americas Holdings Corp boosted its holdings in shares of Manulife Financial by 61.0% during the second quarter. MUFG Americas Holdings Corp now owns 8,343 shares of the financial services provider’s stock valued at $150,000 after acquiring an additional 3,160 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Manulife Financial by 21.8% during the second quarter. Janney Montgomery Scott LLC now owns 26,234 shares of the financial services provider’s stock valued at $471,000 after acquiring an additional 4,695 shares during the period. LPL Financial LLC raised its stake in shares of Manulife Financial by 11.1% during the first quarter. LPL Financial LLC now owns 56,575 shares of the financial services provider’s stock valued at $1,051,000 after purchasing an additional 5,645 shares in the last quarter. Quantitative Systematic Strategies LLC raised its stake in shares of Manulife Financial by 11.8% during the second quarter. Quantitative Systematic Strategies LLC now owns 58,198 shares of the financial services provider’s stock valued at $1,046,000 after purchasing an additional 6,148 shares in the last quarter. Finally, Smith Asset Management Group LP raised its stake in shares of Manulife Financial by 14.4% during the second quarter. Smith Asset Management Group LP now owns 49,720 shares of the financial services provider’s stock valued at $893,000 after purchasing an additional 6,240 shares in the last quarter. 46.12% of the stock is owned by institutional investors.

Shares of NYSE MFC opened at $16.88 on Monday. Manulife Financial Co. has a fifty-two week low of $16.68 and a fifty-two week high of $22.16. The stock has a market cap of $35.48 billion, a P/E ratio of 9.87, a P/E/G ratio of 0.88 and a beta of 1.29.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, August 8th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.21. Manulife Financial had a net margin of 4.22% and a return on equity of 12.69%. The business had revenue of $10.59 billion for the quarter. During the same quarter in the prior year, the firm earned $0.57 earnings per share. On average, research analysts predict that Manulife Financial Co. will post 2.03 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 19th. Investors of record on Tuesday, August 21st were paid a dividend of $0.169 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.13. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend was Monday, August 20th. Manulife Financial’s payout ratio is currently 39.77%.

A number of equities research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Manulife Financial from a “sell” rating to a “hold” rating in a research note on Friday, August 10th. ValuEngine cut shares of Manulife Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 18th. Morgan Stanley cut their price objective on shares of Manulife Financial from $27.00 to $26.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 11th. Finally, Evercore ISI assumed coverage on shares of Manulife Financial in a research note on Tuesday, July 10th. They set an “in-line” rating on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $25.67.

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 through insurance agents, brokers, banks, financial planners, and direct marketing.

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Institutional Ownership by Quarter for Manulife Financial (NYSE:MFC)

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