Envestnet Asset Management Inc. Trims Stock Position in Manulife Financial Co. (NYSE:MFC)

Envestnet Asset Management Inc. lessened its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 7.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,255,008 shares of the financial services provider’s stock after selling 98,944 shares during the period. Envestnet Asset Management Inc. owned 0.07% of Manulife Financial worth $33,408,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of MFC. Janney Montgomery Scott LLC lifted its holdings in shares of Manulife Financial by 3.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 88,799 shares of the financial services provider’s stock valued at $1,962,000 after purchasing an additional 2,906 shares in the last quarter. Brown Advisory Inc. boosted its holdings in shares of Manulife Financial by 106.3% in the 4th quarter. Brown Advisory Inc. now owns 27,367 shares of the financial services provider’s stock valued at $605,000 after purchasing an additional 14,103 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Manulife Financial by 9.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 94,391 shares of the financial services provider’s stock valued at $2,086,000 after buying an additional 8,123 shares during the period. D.A. Davidson & CO. increased its holdings in shares of Manulife Financial by 2.6% during the 4th quarter. D.A. Davidson & CO. now owns 32,557 shares of the financial services provider’s stock worth $720,000 after buying an additional 820 shares during the last quarter. Finally, Corient Private Wealth LLC raised its position in shares of Manulife Financial by 98.6% in the 4th quarter. Corient Private Wealth LLC now owns 203,629 shares of the financial services provider’s stock worth $4,500,000 after buying an additional 101,081 shares during the period. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Manulife Financial Trading Down 0.3 %

NYSE MFC opened at $28.77 on Friday. The company’s fifty day simple moving average is $26.59 and its 200-day simple moving average is $25.59. The stock has a market cap of $51.49 billion, a P/E ratio of 16.73, a PEG ratio of 1.02 and a beta of 1.08. Manulife Financial Co. has a 52 week low of $17.07 and a 52 week high of $28.97.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted 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. 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 during the quarter, compared to analysts’ expectations of $8.95 billion. During the same period in the prior year, the company posted $0.62 EPS. On average, research analysts expect that Manulife Financial Co. will post 2.72 EPS for the current fiscal 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 paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend was Wednesday, August 21st. Manulife Financial’s dividend payout ratio (DPR) is 66.86%.

Wall Street Analysts Forecast Growth

MFC has been the topic of a number of research reports. Barclays began coverage on Manulife Financial in a report on Thursday, September 5th. They issued an “equal weight” rating on the stock. TD Securities lifted their price target 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. Finally, Dbs Bank raised shares of Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Two research 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 company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate 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.