Raymond James & Associates Cuts Stock Position in Manulife Financial Co. (NYSE:MFC)

Raymond James & Associates cut its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 1.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 312,089 shares of the financial services provider’s stock after selling 4,244 shares during the period. Raymond James & Associates’ holdings in Manulife Financial were worth $9,222,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Diversified Trust Co purchased a new stake in Manulife Financial in the first quarter valued at $218,000. Norden Group LLC acquired a new position in shares of Manulife Financial during the 1st quarter worth about $620,000. First Trust Direct Indexing L.P. increased its stake in Manulife Financial by 9.3% in the first quarter. First Trust Direct Indexing L.P. now owns 34,854 shares of the financial services provider’s stock valued at $871,000 after purchasing an additional 2,970 shares during the last quarter. Maryland State Retirement & Pension System raised its stake in Manulife Financial by 22.9% during the 1st quarter. Maryland State Retirement & Pension System now owns 177,292 shares of the financial services provider’s stock worth $4,431,000 after acquiring an additional 33,039 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC lifted its holdings in shares of Manulife Financial by 5.0% in the 1st quarter. Ashton Thomas Private Wealth LLC now owns 53,037 shares of the financial services provider’s stock valued at $1,325,000 after purchasing an additional 2,538 shares during the last quarter. Institutional investors and hedge funds own 52.56% of the company’s stock.

Manulife Financial Trading Down 0.5 %

Manulife Financial stock opened at $30.07 on Wednesday. The stock has a 50 day moving average of $28.84 and a 200-day moving average of $26.70. The stock has a market cap of $53.82 billion, a P/E ratio of 17.48, a price-to-earnings-growth ratio of 1.10 and a beta of 1.08. Manulife Financial Co. has a 52 week low of $17.30 and a 52 week high of $30.86.

Manulife Financial (NYSE:MFC) (TSE:MFC) last released its 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. The company had revenue of $9.41 billion during the quarter, compared to the consensus estimate of $8.95 billion. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. During the same quarter in the previous year, the firm earned $0.62 EPS. As a group, equities analysts predict that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Wednesday, August 21st were given a $0.29 dividend. The ex-dividend date was Wednesday, August 21st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.86%. Manulife Financial’s payout ratio is currently 66.86%.

Analyst Ratings Changes

MFC has been the topic of several analyst reports. Barclays initiated coverage on Manulife Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating on the stock. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. One investment 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 company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus 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.