Invst LLC Takes Position in Manulife Financial Co. (NYSE:MFC)

Invst LLC bought a new stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 8,933 shares of the financial services provider’s stock, valued at approximately $220,000.

Other large investors have also recently made changes to their positions in the company. Bruce G. Allen Investments LLC increased its position in shares of Manulife Financial by 73.6% during the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 490 shares during the last quarter. Accordant Advisory Group Inc bought a new stake in Manulife Financial in the 1st quarter valued at about $30,000. Fortis Group Advisors LLC raised its stake in Manulife Financial by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 605 shares during the period. SageView Advisory Group LLC bought a new stake in Manulife Financial in the 1st quarter valued at about $32,000. Finally, Creekmur Asset Management LLC bought a new stake in Manulife Financial in the 4th quarter valued at about $30,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Price Performance

MFC stock traded down $0.93 during mid-day trading on Friday, reaching $24.74. 6,909,094 shares of the company traded hands, compared to its average volume of 1,613,034. The company has a market capitalization of $44.15 billion, a P/E ratio of 14.38, a P/E/G ratio of 0.94 and a beta of 1.09. Manulife Financial Co. has a 52-week low of $17.07 and a 52-week high of $27.51. The company has a fifty day moving average price of $26.14 and a 200-day moving average price of $24.61.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.04. The business had revenue of $9.49 billion during the quarter, compared to analyst estimates of $8.85 billion. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. As a group, analysts forecast that Manulife Financial Co. will post 2.72 EPS for the current year.

Manulife Financial Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Wednesday, May 22nd were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.69%. The ex-dividend date was Tuesday, May 21st. Manulife Financial’s payout ratio is 67.44%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MFC. National Bank Financial upgraded Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th. TD Securities boosted their price objective on Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.