Janney Montgomery Scott LLC Reduces Stock Holdings in Manulife Financial Co. (NYSE:MFC)

Janney Montgomery Scott LLC lowered its position in Manulife Financial Co. (NYSE:MFCGet Rating) (TSE:MFC) by 4.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,808 shares of the financial services provider’s stock after selling 2,563 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Manulife Financial were worth $859,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MFC. Pinnacle Bancorp Inc. acquired a new stake in shares of Manulife Financial during the third quarter valued at $25,000. Tsfg LLC boosted its stake in shares of Manulife Financial by 145.7% during the third quarter. Tsfg LLC now owns 1,693 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 1,004 shares during the last quarter. Artemis Wealth Advisors LLC acquired a new stake in shares of Manulife Financial during the second quarter valued at $30,000. Ronald Blue Trust Inc. boosted its stake in Manulife Financial by 100.7% in the 3rd quarter. Ronald Blue Trust Inc. now owns 1,736 shares of the financial services provider’s stock worth $30,000 after buying an additional 871 shares during the last quarter. Finally, Hexagon Capital Partners LLC boosted its stake in Manulife Financial by 311.5% in the 3rd quarter. Hexagon Capital Partners LLC now owns 3,539 shares of the financial services provider’s stock worth $55,000 after buying an additional 2,679 shares during the last quarter. Hedge funds and other institutional investors own 43.42% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Credit Suisse Group assumed coverage on Manulife Financial in a research note on Thursday, January 12th. They issued a “neutral” rating on the stock. StockNews.com assumed coverage on Manulife Financial in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. National Bank Financial decreased their price target on Manulife Financial from C$25.00 to C$24.00 in a research note on Friday, October 28th. Finally, Barclays decreased their price target on Manulife Financial from C$30.00 to C$29.00 in a research note on Wednesday, October 12th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Manulife Financial presently has a consensus rating of “Hold” and an average price target of $28.86.

Manulife Financial Price Performance

NYSE MFC opened at $18.66 on Friday. The firm has a market capitalization of $34.80 billion, a P/E ratio of 6.35, a P/E/G ratio of 0.80 and a beta of 1.12. Manulife Financial Co. has a 1-year low of $14.92 and a 1-year high of $22.19. The business’s 50-day simple moving average is $17.96 and its 200-day simple moving average is $17.42.

Manulife Financial (NYSE:MFCGet Rating) (TSE:MFC) last released its quarterly earnings data on Wednesday, November 9th. The financial services provider reported $0.51 earnings per share for the quarter, missing the consensus estimate 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, equities research analysts expect that Manulife Financial Co. will post 2.27 EPS for the current fiscal year.

Manulife Financial Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 19th. Investors of record on Tuesday, November 22nd were issued a dividend of $0.242 per share. The ex-dividend date of this dividend was Monday, November 21st. This represents a $0.97 annualized dividend and a dividend yield of 5.19%. Manulife Financial’s payout ratio is currently 32.99%.

Manulife Financial Profile

(Get Rating)

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, 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 provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks.

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Institutional Ownership by Quarter for Manulife Financial (NYSE:MFC)

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