Skandinaviska Enskilda Banken AB publ Sells 1,269,011 Shares of Manulife Financial Co. (NYSE:MFC)

Skandinaviska Enskilda Banken AB publ lowered its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 26.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,600,170 shares of the financial services provider’s stock after selling 1,269,011 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned 0.20% of Manulife Financial worth $95,837,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Yousif Capital Management LLC boosted its holdings in Manulife Financial by 1.5% during the 1st quarter. Yousif Capital Management LLC now owns 30,377 shares of the financial services provider’s stock worth $759,000 after acquiring an additional 460 shares during the last quarter. Indiana Trust & Investment Management CO boosted its holdings in Manulife Financial by 22.2% during the second quarter. Indiana Trust & Investment Management CO now owns 2,540 shares of the financial services provider’s stock worth $68,000 after purchasing an additional 462 shares during the last quarter. Addison Advisors LLC grew its position in Manulife Financial by 77.2% in the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 467 shares in the last quarter. First Affirmative Financial Network increased its stake in Manulife Financial by 4.5% in the 1st quarter. First Affirmative Financial Network now owns 11,086 shares of the financial services provider’s stock valued at $277,000 after buying an additional 482 shares during the last quarter. Finally, Bruce G. Allen Investments LLC lifted 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 worth $29,000 after buying an additional 490 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Up 2.2 %

MFC opened at $28.88 on Friday. The firm has a 50-day moving average price of $26.56 and a 200-day moving average price of $25.56. Manulife Financial Co. has a twelve month low of $17.07 and a twelve month high of $28.89. The company has a market capitalization of $51.68 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 1.02 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.27. The business had revenue of $9.41 billion during the quarter, compared to analyst estimates of $8.95 billion. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. During the same period in the previous year, the business earned $0.62 EPS. On average, sell-side analysts expect that Manulife Financial Co. will post 2.72 earnings per share for the current fiscal year.

Manulife Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Wednesday, August 21st were paid a dividend of $0.29 per share. The ex-dividend date was Wednesday, August 21st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.02%. Manulife Financial’s payout ratio is 66.86%.

Wall Street Analyst Weigh In

Several research firms have weighed in on MFC. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. TD Securities raised their price objective on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Finally, Barclays initiated coverage on shares of Manulife Financial in a research report on Thursday, September 5th. They set an “equal weight” rating for the company. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.67.

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.