Pacifica Partners Inc. Lowers Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Pacifica Partners Inc. reduced its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 30.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,087 shares of the financial services provider’s stock after selling 2,175 shares during the quarter. Pacifica Partners Inc.’s holdings in Manulife Financial were worth $151,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. FIL Ltd boosted its position in shares of Manulife Financial by 750.5% in the fourth quarter. FIL Ltd now owns 9,910,281 shares of the financial services provider’s stock worth $218,990,000 after acquiring an additional 8,745,071 shares during the last quarter. Toronto Dominion Bank boosted its holdings in shares of Manulife Financial by 57.9% in the 1st quarter. Toronto Dominion Bank now owns 23,307,081 shares of the financial services provider’s stock valued at $582,444,000 after purchasing an additional 8,548,114 shares during the last quarter. 1832 Asset Management L.P. grew its stake in shares of Manulife Financial by 103.1% during the 1st quarter. 1832 Asset Management L.P. now owns 14,686,893 shares of the financial services provider’s stock valued at $367,025,000 after buying an additional 7,456,712 shares during the period. National Bank of Canada FI increased its holdings in shares of Manulife Financial by 14.8% during the 1st quarter. National Bank of Canada FI now owns 28,803,968 shares of the financial services provider’s stock worth $749,435,000 after buying an additional 3,720,693 shares during the last quarter. Finally, M&G Plc purchased a new position in shares of Manulife Financial in the 1st quarter worth $75,231,000. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Manulife Financial Stock Performance

Shares of NYSE:MFC opened at $29.89 on Tuesday. The business’s 50-day simple moving average is $27.24 and its 200 day simple moving average is $26.00. The company has a market cap of $53.49 billion, a P/E ratio of 17.38, a PEG ratio of 1.06 and a beta of 1.08. Manulife Financial Co. has a one year low of $17.07 and a one year high of $30.25.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its earnings results on Wednesday, August 7th. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.27. The business had revenue of $9.41 billion for the quarter, compared to analysts’ expectations 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 company posted $0.62 earnings per share. Analysts predict that Manulife Financial Co. will post 2.72 earnings per share for the current year.

Manulife Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $1.16 annualized dividend and a dividend yield of 3.88%. Manulife Financial’s dividend payout ratio is presently 66.86%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. TD Securities increased their target price on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, 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 research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $35.67.

Manulife Financial Company 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.