Commerce Bank acquired a new stake in Manulife Financial Co. (NYSE:MFC – Get Rating) (TSE:MFC) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,847 shares of the financial services provider's stock, valued at approximately $170,000.
A number of other institutional investors have also modified their holdings of the company. Resources Management Corp CT ADV raised its position in shares of Manulife Financial by 1.2% in the second quarter. Resources Management Corp CT ADV now owns 44,195 shares of the financial services provider's stock valued at $766,000 after buying an additional 538 shares during the last quarter. Metis Global Partners LLC increased its position in Manulife Financial by 0.8% during the second quarter. Metis Global Partners LLC now owns 71,609 shares of the financial services provider's stock worth $1,242,000 after purchasing an additional 588 shares during the last quarter. Brinker Capital Investments LLC increased its position in Manulife Financial by 5.3% during the first quarter. Brinker Capital Investments LLC now owns 12,449 shares of the financial services provider's stock worth $266,000 after purchasing an additional 624 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Manulife Financial by 1.4% during the second quarter. Janney Montgomery Scott LLC now owns 57,371 shares of the financial services provider's stock worth $1,002,000 after purchasing an additional 765 shares during the period. Finally, Allworth Financial LP boosted its holdings in shares of Manulife Financial by 32.3% in the 3rd quarter. Allworth Financial LP now owns 3,482 shares of the financial services provider's stock valued at $55,000 after purchasing an additional 851 shares during the last quarter. Institutional investors and hedge funds own 43.42% of the company's stock.
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Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the company. National Bank Financial lifted their target price on Manulife Financial from C$24.00 to C$26.00 in a report on Wednesday, January 25th. StockNews.com assumed coverage on Manulife Financial in a report on Wednesday, October 12th. They issued a "hold" rating on the stock. Credit Suisse Group assumed coverage on Manulife Financial in a report on Thursday, January 12th. They issued a "neutral" rating on the stock. CIBC lifted their target price on Manulife Financial from C$23.00 to C$27.00 in a report on Wednesday, January 25th. Finally, Scotiabank boosted their price objective on Manulife Financial from C$27.00 to C$34.00 in a research note on Monday, January 30th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $29.75.
Manulife Financial Price Performance
Shares of MFC opened at $19.57 on Friday. Manulife Financial Co. has a 12 month low of $14.92 and a 12 month high of $22.19. The stock has a market cap of $36.50 billion, a PE ratio of 6.70, a P/E/G ratio of 0.85 and a beta of 1.15. The stock's 50-day moving average is $18.34 and its two-hundred day moving average is $17.58.
Manulife Financial (NYSE:MFC – Get Rating) (TSE:MFC) last announced its earnings results on Wednesday, November 9th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.53 by ($0.02). The firm had revenue of $5.96 billion during the quarter, compared to analyst estimates of $11.51 billion. On average, research analysts anticipate that Manulife Financial Co. will post 2.24 earnings per share for the current year.
Manulife Financial Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, December 19th. Stockholders of record on Tuesday, November 22nd were given a dividend of $0.242 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 4.95%. The ex-dividend date of this dividend was Monday, November 21st. Manulife Financial's payout ratio is 32.99%.
Manulife Financial Company Profile
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Manulife Financial Corp. engages in the provision of financial services. It operates through the following segments: Asia, Canada, U.S., Global Wealth and Asset Management, and Corporate and Other. The Asia segment refers to insurance and insurance-based wealth accumulation products in Asia. The Canada segment offers insurance-based wealth accumulation products and banking services in Canada.
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