Peapack Gladstone Financial Corp Sells 10,519 Shares of Manulife Financial Co. (NYSE:MFC)

Peapack Gladstone Financial Corp trimmed its holdings in Manulife Financial Co. (NYSE:MFCFree Report) (TSE:MFC) by 20.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,161 shares of the financial services provider’s stock after selling 10,519 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Manulife Financial were worth $888,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of MFC. Principal Financial Group Inc. increased its stake in Manulife Financial by 13.5% during the 3rd quarter. Principal Financial Group Inc. now owns 121,878 shares of the financial services provider’s stock valued at $2,237,000 after purchasing an additional 14,512 shares in the last quarter. NBC Securities Inc. bought a new stake in Manulife Financial during the 3rd quarter valued at about $32,000. Sigma Planning Corp bought a new stake in Manulife Financial during the 3rd quarter valued at about $186,000. Kestra Private Wealth Services LLC increased its stake in Manulife Financial by 6.7% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 27,970 shares of the financial services provider’s stock valued at $511,000 after purchasing an additional 1,758 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in Manulife Financial by 7.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 24,878 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 1,715 shares in the last quarter. 52.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MFC shares. National Bank Financial raised shares of Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Thursday, May 9th. Desjardins raised shares of Manulife Financial from a “hold” rating to a “buy” rating in a report on Thursday, February 15th. Jefferies Financial Group started coverage on shares of Manulife Financial in a report on Thursday, February 22nd. They set a “buy” rating on the stock. Finally, BMO Capital Markets raised shares of Manulife Financial from a “market perform” rating to an “outperform” rating and raised their price target for the company from $31.00 to $35.00 in a report on Thursday, February 15th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $33.33.

Check Out Our Latest Report on MFC

Manulife Financial Trading Up 0.1 %

MFC opened at $25.84 on Thursday. The company has a market cap of $46.40 billion, a price-to-earnings ratio of 15.02, a PEG ratio of 0.94 and a beta of 1.09. The company’s 50 day moving average is $24.76 and its 200 day moving average is $23.07. Manulife Financial Co. has a 12-month low of $17.07 and a 12-month high of $26.81.

Manulife Financial (NYSE:MFCGet Free Report) (TSE:MFC) last posted its quarterly earnings data on Wednesday, May 8th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. The company had revenue of $9.49 billion for the quarter, compared to the consensus estimate of $8.85 billion. Manulife Financial had a net margin of 9.28% and a return on equity of 16.27%. As a group, analysts predict that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date is Tuesday, May 21st. Manulife Financial’s payout ratio is 67.44%.

About Manulife Financial

(Free Report)

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.

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

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