Glassman Wealth Services lowered its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 77.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,772 shares of the financial services provider’s stock after selling 9,661 shares during the period. Glassman Wealth Services’ holdings in Manulife Financial were worth $50,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of MFC. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in Manulife Financial during the 1st quarter worth approximately $105,239,000. JPMorgan Chase & Co. raised its stake in shares of Manulife Financial by 79.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,779,325 shares of the financial services provider’s stock worth $141,194,000 after purchasing an additional 3,445,544 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Manulife Financial by 31.3% during the 1st quarter. Toronto Dominion Bank now owns 12,318,494 shares of the financial services provider’s stock worth $208,355,000 after purchasing an additional 2,934,180 shares in the last quarter. Clark Capital Management Group Inc. raised its stake in shares of Manulife Financial by 176.8% during the 2nd quarter. Clark Capital Management Group Inc. now owns 2,663,181 shares of the financial services provider’s stock worth $48,417,000 after purchasing an additional 1,700,905 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of Manulife Financial by 2,451.4% during the 2nd quarter. Acadian Asset Management LLC now owns 1,602,353 shares of the financial services provider’s stock worth $29,183,000 after purchasing an additional 1,539,550 shares in the last quarter. Institutional investors own 45.92% of the company’s stock.
A number of research firms recently weighed in on MFC. ValuEngine cut Manulife Financial from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. 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 research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $25.67.
MFC opened at $18.31 on Friday. The business’s fifty day moving average is $17.05 and its 200-day moving average is $17.53. The firm has a market cap of $34.94 billion, a P/E ratio of 8.68, a price-to-earnings-growth ratio of 0.81 and a beta of 1.42. Manulife Financial Co. has a 52-week low of $13.33 and a 52-week high of $18.87.
Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, August 7th. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.01). Manulife Financial had a net margin of 9.36% and a return on equity of 13.27%. The firm had revenue of $16.60 billion during the quarter. During the same period in the previous year, the company earned $0.70 EPS. As a group, equities analysts anticipate that Manulife Financial Co. will post 2.21 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Tuesday, August 20th will be paid a $0.189 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend is Monday, August 19th. This is a boost from Manulife Financial’s previous quarterly dividend of $0.13. Manulife Financial’s dividend payout ratio (DPR) is 36.02%.
About Manulife Financial
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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