WCG Wealth Advisors LLC Raises Stake in Manulife Financial Co. (NYSE:MFC)

WCG Wealth Advisors LLC raised its position in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 51.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,561 shares of the financial services provider’s stock after purchasing an additional 9,414 shares during the quarter. WCG Wealth Advisors LLC’s holdings in Manulife Financial were worth $734,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Prudential PLC lifted its holdings in Manulife Financial by 11.1% during the fourth quarter. Prudential PLC now owns 1,141,942 shares of the financial services provider’s stock valued at $25,235,000 after purchasing an additional 114,213 shares in the last quarter. Duality Advisers LP lifted its holdings in Manulife Financial by 795.2% during the first quarter. Duality Advisers LP now owns 217,658 shares of the financial services provider’s stock valued at $5,439,000 after purchasing an additional 193,343 shares in the last quarter. Alberta Investment Management Corp lifted its holdings in Manulife Financial by 21.4% during the fourth quarter. Alberta Investment Management Corp now owns 4,182,203 shares of the financial services provider’s stock valued at $92,867,000 after purchasing an additional 737,203 shares in the last quarter. Bessemer Group Inc. raised its position in shares of Manulife Financial by 2,913.7% during the first quarter. Bessemer Group Inc. now owns 86,615 shares of the financial services provider’s stock valued at $2,163,000 after buying an additional 83,741 shares during the last quarter. Finally, Claret Asset Management Corp raised its position in shares of Manulife Financial by 1.0% during the fourth quarter. Claret Asset Management Corp now owns 89,860 shares of the financial services provider’s stock valued at $1,987,000 after buying an additional 904 shares during the last quarter. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Stock Performance

Shares of MFC opened at $28.88 on Friday. The company’s fifty day moving average is $26.56 and its 200 day moving average is $25.56. Manulife Financial Co. has a fifty-two week low of $17.07 and a fifty-two week high of $28.89. The stock has a market capitalization of $51.68 billion, a PE ratio of 16.79, a P/E/G ratio of 1.02 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.27. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. The company had revenue of $9.41 billion for the quarter, compared to analysts’ expectations of $8.95 billion. During the same quarter in the previous year, the business posted $0.62 earnings per share. As a group, research analysts forecast that Manulife Financial Co. will post 2.72 earnings per share for the current year.

Manulife Financial Announces Dividend

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

Wall Street Analyst Weigh In

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