Janney Montgomery Scott LLC Sells 28,908 Shares of Manulife Financial Co. (NYSE:MFC)

Janney Montgomery Scott LLC decreased its holdings in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 22.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 98,432 shares of the financial services provider’s stock after selling 28,908 shares during the period. Janney Montgomery Scott LLC’s holdings in Manulife Financial were worth $2,909,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Manulife Financial by 1,210.7% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,161,059 shares of the financial services provider’s stock valued at $30,922,000 after buying an additional 1,072,474 shares during the period. Bessemer Group Inc. raised its stake in Manulife Financial by 2,913.7% in 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 period. Legal & General Group Plc raised its stake in Manulife Financial by 0.5% in the second quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider’s stock valued at $393,592,000 after buying an additional 75,244 shares during the period. Vanguard Group Inc. grew its position in shares of Manulife Financial by 1.0% in the first quarter. Vanguard Group Inc. now owns 72,289,251 shares of the financial services provider’s stock valued at $1,806,508,000 after purchasing an additional 727,764 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Manulife Financial in the first quarter valued at approximately $1,705,000. Institutional investors own 52.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MFC shares. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. Barclays started coverage on Manulife Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating on the stock. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $37.50.

Manulife Financial Price Performance

Shares of NYSE:MFC opened at $32.40 on Tuesday. The company has a market capitalization of $56.99 billion, a P/E ratio of 15.65, a P/E/G ratio of 1.15 and a beta of 1.08. Manulife Financial Co. has a 1 year low of $18.56 and a 1 year high of $32.94. The business’s 50 day simple moving average is $29.39 and its 200 day simple moving average is $27.11.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.30. The business had revenue of $10.69 billion for the quarter, compared to the consensus estimate of $9.73 billion. Manulife Financial had a return on equity of 16.11% and a net margin of 9.79%. During the same quarter in the prior year, the business posted $0.69 earnings per share. On average, sell-side analysts anticipate that Manulife Financial Co. will post 2.75 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Wednesday, November 20th will be issued a $0.296 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Wednesday, November 20th. This is an increase from Manulife Financial’s previous quarterly dividend of $0.29. Manulife Financial’s dividend payout ratio (DPR) is currently 56.04%.

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.