Addenda Capital Inc. Has $39.32 Million Holdings in Manulife Financial Co. (NYSE:MFC)

Addenda Capital Inc. lessened its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 3.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,477,176 shares of the financial services provider’s stock after selling 46,328 shares during the period. Manulife Financial comprises 1.9% of Addenda Capital Inc.’s investment portfolio, making the stock its 16th largest holding. Addenda Capital Inc.’s holdings in Manulife Financial were worth $39,322,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of MFC. Fortis Group Advisors LLC grew its stake in Manulife Financial by 100.0% during 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 in the last quarter. Bruce G. Allen Investments LLC grew its stake in 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 acquiring an additional 490 shares in the last quarter. Accordant Advisory Group Inc purchased a new position in Manulife Financial during the 1st quarter valued at about $30,000. Creekmur Asset Management LLC purchased a new position in Manulife Financial during the 4th quarter valued at about $30,000. Finally, Goodman Advisory Group LLC bought a new stake in shares of Manulife Financial in the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Trading Up 1.6 %

Manulife Financial stock traded up $0.41 during trading hours on Wednesday, reaching $25.87. 1,504,744 shares of the company were exchanged, compared to its average volume of 2,793,908. The firm has a market cap of $46.30 billion, a price-to-earnings ratio of 15.04, a PEG ratio of 0.94 and a beta of 1.09. The stock has a 50-day moving average of $25.97 and a 200 day moving average of $24.82. Manulife Financial Co. has a 12 month low of $17.07 and a 12 month high of $27.51.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.27. Manulife Financial had a return on equity of 16.27% and a net margin of 9.28%. The firm had revenue of $9.41 billion during the quarter, compared to analysts’ expectations of $8.95 billion. During the same quarter in the prior year, the business earned $0.62 earnings per share. As a group, research analysts forecast that Manulife Financial Co. will post 2.72 EPS for the current year.

Manulife Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st will be issued a dividend of $0.29 per share. The ex-dividend date is Wednesday, August 21st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.48%. Manulife Financial’s dividend payout ratio (DPR) is presently 66.86%.

Wall Street Analyst Weigh In

Several brokerages recently commented on MFC. TD Securities boosted their price target on Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th. National Bank Financial raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a research note on Thursday, May 9th. Finally, Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $35.67.

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.