Great West Life Assurance Co. Can Sells 439,101 Shares of Manulife Financial Co. (MFC)

Great West Life Assurance Co. Can cut its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 2.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 20,517,766 shares of the financial services provider’s stock after selling 439,101 shares during the quarter. Manulife Financial accounts for approximately 0.9% of Great West Life Assurance Co. Can’s investment portfolio, making the stock its 16th largest position. Great West Life Assurance Co. Can’s holdings in Manulife Financial were worth $367,178,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Creative Planning raised its holdings in Manulife Financial by 19.3% in the 2nd quarter. Creative Planning now owns 50,344 shares of the financial services provider’s stock valued at $905,000 after acquiring an additional 8,154 shares during the period. Janney Montgomery Scott LLC raised its holdings in Manulife Financial by 21.8% in the 2nd 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. BB&T Corp raised its holdings in Manulife Financial by 20.4% in the 2nd quarter. BB&T Corp now owns 72,947 shares of the financial services provider’s stock valued at $1,310,000 after acquiring an additional 12,379 shares during the period. Atlas Capital Advisors LLC bought a new position in Manulife Financial in the 2nd quarter valued at about $370,000. Finally, Aperio Group LLC raised its holdings in Manulife Financial by 10.2% in the 2nd quarter. Aperio Group LLC now owns 505,695 shares of the financial services provider’s stock valued at $9,087,000 after acquiring an additional 46,938 shares during the period. 46.02% of the stock is owned by hedge funds and other institutional investors.

Several research firms have weighed in on MFC. ValuEngine cut shares of Manulife Financial from a “sell” rating to a “strong sell” rating in a report on Thursday, August 2nd. Zacks Investment Research raised shares of Manulife Financial from a “sell” rating to a “hold” rating in a report on Friday, August 10th. Canaccord Genuity reissued a “buy” rating on shares of Manulife Financial in a report on Friday, November 9th. Scotiabank reissued an “average” rating and issued a $28.00 price target on shares of Manulife Financial in a report on Tuesday, November 13th. Finally, TD Securities reissued a “buy” rating on shares of Manulife Financial in a report on Thursday, November 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $24.33.

Shares of NYSE:MFC opened at $16.23 on Monday. Manulife Financial Co. has a 12-month low of $14.99 and a 12-month high of $22.16. The company has a market cap of $32.21 billion, a price-to-earnings ratio of 9.49, a price-to-earnings-growth ratio of 0.78 and a beta of 1.31.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, November 7th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.25. Manulife Financial had a net margin of 5.49% and a return on equity of 13.70%. The firm had revenue of $6.15 billion for the quarter. During the same quarter in the previous year, the company earned $0.53 EPS. Sell-side analysts expect that Manulife Financial Co. will post 2.08 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Tuesday, November 20th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 4.68%. The ex-dividend date is Monday, November 19th. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.17. Manulife Financial’s dividend payout ratio is presently 44.44%.

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

Further Reading: What do investors mean by earnings per share?

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

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