World Asset Management Inc lowered its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 5.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,402 shares of the financial services provider’s stock after selling 1,610 shares during the period. World Asset Management Inc’s holdings in Manulife Financial were worth $516,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of MFC. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in Manulife Financial in the first quarter valued at approximately $105,239,000. Toronto Dominion Bank boosted its position in Manulife Financial by 31.3% in the first quarter. Toronto Dominion Bank now owns 12,318,494 shares of the financial services provider’s stock valued at $208,355,000 after buying an additional 2,934,180 shares during the last quarter. Clark Capital Management Group Inc. boosted its position in Manulife Financial by 176.8% in the second quarter. Clark Capital Management Group Inc. now owns 2,663,181 shares of the financial services provider’s stock valued at $48,417,000 after buying an additional 1,700,905 shares during the last quarter. FIL Ltd boosted its position in Manulife Financial by 10.6% in the first quarter. FIL Ltd now owns 15,780,870 shares of the financial services provider’s stock valued at $266,882,000 after buying an additional 1,506,213 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. boosted its position in Manulife Financial by 11.0% in the first quarter. Beutel Goodman & Co Ltd. now owns 7,841,670 shares of the financial services provider’s stock valued at $132,615,000 after buying an additional 776,348 shares during the last quarter. Hedge funds and other institutional investors own 46.91% of the company’s stock.
Manulife Financial stock traded down $0.39 during mid-day trading on Friday, hitting $17.09. The company had a trading volume of 1,860,871 shares, compared to its average volume of 1,619,890. Manulife Financial Co. has a 12-month low of $13.33 and a 12-month high of $18.95. The firm’s fifty day moving average is $18.25. The stock has a market cap of $34.27 billion, a P/E ratio of 8.10, a price-to-earnings-growth ratio of 0.79 and a beta of 1.38.
Manulife Financial (NYSE:MFC) (TSE:MFC) last released its quarterly earnings data on Wednesday, May 1st. The financial services provider reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.24. The business had revenue of $1.74 billion for the quarter. Manulife Financial had a return on equity of 13.69% and a net margin of 10.43%. The company’s revenue for the quarter was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.64 EPS. On average, sell-side analysts forecast that Manulife Financial Co. will post 2.21 earnings per share for the current year.
MFC has been the topic of several recent research reports. ValuEngine lowered Manulife Financial from a “hold” rating to a “sell” rating in a research report on Thursday. Zacks Investment Research upgraded Manulife Financial from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research report on Tuesday, July 23rd. Finally, Barclays restated a “buy” rating and issued a $29.00 price objective on shares of Manulife Financial in a research report on Sunday, May 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $25.67.
Manulife Financial Company Profile
Manulife Financial Corporation, together with its subsidiaries, provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions in Asia, Canada, and the United States. The company offers individual life, and individual and group long-term care insurance; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing.
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