MCF Advisors LLC Sells 2,000 Shares of Manulife Financial Co. (NYSE:MFC)

MCF Advisors LLC trimmed its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 50.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,000 shares of the financial services provider’s stock after selling 2,000 shares during the period. MCF Advisors LLC’s holdings in Manulife Financial were worth $39,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Meeder Asset Management Inc. bought a new position in Manulife Financial during the first quarter valued at about $27,000. BDO Wealth Advisors LLC increased its stake in Manulife Financial by 143.4% during the first quarter. BDO Wealth Advisors LLC now owns 1,290 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 760 shares during the period. Reilly Financial Advisors LLC increased its stake in Manulife Financial by 1,841.7% during the second quarter. Reilly Financial Advisors LLC now owns 1,398 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 1,326 shares during the period. Harbour Investments Inc. bought a new stake in shares of Manulife Financial in the 1st quarter valued at approximately $36,000. Finally, Ameritas Investment Company LLC bought a new stake in shares of Manulife Financial in the 1st quarter valued at approximately $37,000. Hedge funds and other institutional investors own 46.84% of the company’s stock.

NYSE:MFC opened at $19.35 on Wednesday. The stock’s fifty day moving average price is $19.47 and its two-hundred day moving average price is $20.46. Manulife Financial Co. has a 52-week low of $13.13 and a 52-week high of $22.25. The company has a market cap of $37.58 billion, a price-to-earnings ratio of 6.79, a P/E/G ratio of 0.73 and a beta of 1.40.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 20th. Shareholders of record on Tuesday, August 17th will be issued a dividend of $0.2233 per share. This represents a $0.89 annualized dividend and a yield of 4.62%. The ex-dividend date is Monday, August 16th. Manulife Financial’s dividend payout ratio is 43.90%.

Several equities research analysts have recently weighed in on MFC shares. Barclays upgraded Manulife Financial from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $30.00 to $31.00 in a research note on Monday, July 12th. BMO Capital Markets upped their price objective on Manulife Financial from C$33.00 to C$34.00 and gave the company an “outperform” rating in a research note on Friday, August 6th. Royal Bank of Canada upped their price objective on Manulife Financial from $28.00 to $29.00 and gave the company a “sector perform” rating in a research note on Friday, August 6th. Credit Suisse Group lowered Manulife Financial from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 10th. Finally, Zacks Investment Research raised Manulife Financial from a “sell” rating to a “hold” rating and set a $21.00 target price on the stock in a report on Tuesday, August 10th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $29.44.

About Manulife Financial

Manulife Financial Corp. engages in the provision of financial services. It operates through the following segments: Asia, Canada, U.S., Global Wealth and Asset Management, and Corporate and Other. The Asia segment refers to insurance and insurance-based wealth accumulation products in Asia. The Canada segment offers insurance-based wealth accumulation products and banking services in Canada.

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

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