Toronto Dominion Bank Has $647.45 Million Position in Manulife Financial Co. (NYSE:MFC)

Toronto Dominion Bank trimmed its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 8.9% during the third quarter, HoldingsChannel.com reports. The firm owned 21,910,443 shares of the financial services provider’s stock after selling 2,147,060 shares during the period. Manulife Financial makes up approximately 1.1% of Toronto Dominion Bank’s portfolio, making the stock its 18th biggest holding. Toronto Dominion Bank’s holdings in Manulife Financial were worth $647,454,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Grove Bank & Trust bought a new stake in shares of Manulife Financial in the second quarter worth $25,000. West Financial Advisors LLC bought a new position in shares of Manulife Financial during the third quarter worth about $26,000. Brooklyn Investment Group acquired a new position in shares of Manulife Financial in the 3rd quarter worth approximately $26,000. Addison Advisors LLC boosted its stake in shares of Manulife Financial by 77.2% in the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 467 shares during the last quarter. Finally, HHM Wealth Advisors LLC increased its position in shares of Manulife Financial by 119.0% during the second quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock worth $29,000 after buying an additional 600 shares during the period. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Stock Down 1.5 %

Shares of Manulife Financial stock opened at $31.45 on Wednesday. Manulife Financial Co. has a 52 week low of $20.09 and a 52 week high of $33.07. The business has a 50 day moving average price of $31.08 and a 200-day moving average price of $28.18. The company has a market cap of $55.09 billion, a PE ratio of 15.19, a price-to-earnings-growth ratio of 1.19 and a beta of 1.09.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.30. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. The business had revenue of $10.69 billion for the quarter, compared to analysts’ expectations of $9.73 billion. During the same period last year, the business earned $0.69 EPS. As a group, research analysts anticipate that Manulife Financial Co. will post 2.72 EPS for the current year.

Manulife Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be given a $0.296 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.18 annualized dividend and a yield of 3.77%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.29. Manulife Financial’s payout ratio is currently 57.00%.

Wall Street Analyst Weigh In

Separately, Barclays assumed coverage on shares of Manulife Financial in a research report on Thursday, September 5th. They set an “equal weight” rating on the stock. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $37.50.

Manulife Financial Profile

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.