PNC Financial Services Group Inc. lifted its holdings in Manulife Financial Co. (NYSE:MFC – Free Report) TSE: MFC by 44.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,268 shares of the financial services provider’s stock after acquiring an additional 26,369 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Manulife Financial were worth $1,577,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of MFC. BlackRock Inc. boosted its holdings in shares of Manulife Financial by 10.1% in the 1st quarter. BlackRock Inc. now owns 878,359 shares of the financial services provider’s stock worth $18,753,000 after acquiring an additional 80,450 shares in the last quarter. Raymond James Trust N.A. boosted its holdings in shares of Manulife Financial by 7.9% in the 1st quarter. Raymond James Trust N.A. now owns 27,503 shares of the financial services provider’s stock worth $587,000 after acquiring an additional 2,013 shares in the last quarter. Cetera Investment Advisers acquired a new position in shares of Manulife Financial in the 1st quarter worth approximately $428,000. Moors & Cabot Inc. boosted its holdings in shares of Manulife Financial by 2.3% in the 1st quarter. Moors & Cabot Inc. now owns 43,078 shares of the financial services provider’s stock worth $920,000 after acquiring an additional 956 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its holdings in Manulife Financial by 32.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 14,560 shares of the financial services provider’s stock worth $311,000 after buying an additional 3,585 shares in the last quarter. 45.02% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research firms have issued reports on MFC. Royal Bank of Canada raised Manulife Financial from a “sector perform” rating to an “outperform” rating in a report on Tuesday, December 12th. TheStreet raised Manulife Financial from a “c+” rating to a “b” rating in a report on Thursday, December 21st. Jefferies Financial Group started coverage on shares of Manulife Financial in a research report on Thursday. They set a “buy” rating for the company. BMO Capital Markets upgraded shares of Manulife Financial from a “market perform” rating to an “outperform” rating and upped their target price for the company from $31.00 to $35.00 in a research report on Thursday, February 15th. Finally, Desjardins upgraded shares of Manulife Financial from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Manulife Financial has an average rating of “Moderate Buy” and a consensus price target of $33.33.
Read Our Latest Analysis on MFC
Manulife Financial Stock Up 0.1 %
MFC opened at $24.30 on Friday. Manulife Financial Co. has a 12 month low of $17.07 and a 12 month high of $24.89. The company has a fifty day simple moving average of $22.19 and a 200 day simple moving average of $19.93. The stock has a market cap of $43.89 billion, a P/E ratio of 12.59, a P/E/G ratio of 0.89 and a beta of 1.07.
Manulife Financial Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 19th. Investors of record on Wednesday, February 28th will be given a $0.298 dividend. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 4.91%. This is a boost from Manulife Financial’s previous quarterly dividend of $0.26. Manulife Financial’s dividend payout ratio is currently 54.40%.
Manulife Financial Profile
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 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.
See Also
Want to see what other hedge funds are holding MFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Manulife Financial Co. (NYSE:MFC – Free Report) TSE: MFC.
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