Comerica Bank Raises Stake in Manulife Financial Co. (NYSE:MFC)

Comerica Bank increased its holdings in Manulife Financial Co. (NYSE:MFCGet Rating) (TSE:MFC) by 30.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,614 shares of the financial services provider’s stock after buying an additional 14,099 shares during the period. Comerica Bank’s holdings in Manulife Financial were worth $976,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vontobel Holding Ltd. boosted its position in shares of Manulife Financial by 28.0% in the 2nd quarter. Vontobel Holding Ltd. now owns 409,972 shares of the financial services provider’s stock worth $7,105,000 after buying an additional 89,622 shares in the last quarter. Swiss National Bank boosted its position in shares of Manulife Financial by 0.8% in the 2nd quarter. Swiss National Bank now owns 8,695,568 shares of the financial services provider’s stock worth $150,506,000 after buying an additional 67,200 shares in the last quarter. Scotia Capital Inc. boosted its position in shares of Manulife Financial by 1.5% in the 2nd quarter. Scotia Capital Inc. now owns 12,374,203 shares of the financial services provider’s stock worth $214,177,000 after buying an additional 185,164 shares in the last quarter. Allianz Asset Management GmbH boosted its position in shares of Manulife Financial by 2.1% in the 2nd quarter. Allianz Asset Management GmbH now owns 4,763,521 shares of the financial services provider’s stock worth $82,425,000 after buying an additional 96,844 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its position in shares of Manulife Financial by 50.3% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 18,205 shares of the financial services provider’s stock worth $285,000 after buying an additional 6,093 shares in the last quarter. 43.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Manulife Financial Price Performance

NYSE MFC opened at $19.24 on Wednesday. Manulife Financial Co. has a 12 month low of $14.92 and a 12 month high of $22.19. The company has a 50-day moving average of $18.04 and a 200-day moving average of $17.46. The company has a market cap of $35.88 billion, a P/E ratio of 6.54, a P/E/G ratio of 0.81 and a beta of 1.12.

Manulife Financial (NYSE:MFCGet Rating) (TSE:MFC) last posted 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 company had revenue of $5.96 billion for the quarter, compared to analysts’ expectations of $11.51 billion. As a group, equities research analysts anticipate that Manulife Financial Co. will post 2.27 EPS for the current year.

Manulife Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 19th. Investors 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 yield of 5.03%. The ex-dividend date of this dividend was Monday, November 21st. Manulife Financial’s dividend payout ratio (DPR) is presently 32.99%.

Manulife Financial Company Profile

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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.

Further Reading

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

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