Cyndeo Wealth Partners LLC Trims Holdings in Manulife Financial Co. (NYSE:MFC)

Cyndeo Wealth Partners LLC reduced its holdings in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 94.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 13,248 shares of the financial services provider’s stock after selling 229,725 shares during the period. Cyndeo Wealth Partners LLC’s holdings in Manulife Financial were worth $391,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of MFC. Vanguard Group Inc. increased its position in Manulife Financial by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 72,289,251 shares of the financial services provider’s stock valued at $1,806,508,000 after acquiring an additional 727,764 shares during the period. National Bank of Canada FI increased its holdings in shares of Manulife Financial by 14.8% in the first quarter. National Bank of Canada FI now owns 28,803,968 shares of the financial services provider’s stock valued at $749,435,000 after purchasing an additional 3,720,693 shares during the period. Toronto Dominion Bank raised its stake in shares of Manulife Financial by 3.2% during the second quarter. Toronto Dominion Bank now owns 24,057,503 shares of the financial services provider’s stock worth $640,411,000 after purchasing an additional 750,422 shares during the last quarter. 1832 Asset Management L.P. raised its stake in shares of Manulife Financial by 34.3% during the second quarter. 1832 Asset Management L.P. now owns 19,723,609 shares of the financial services provider’s stock worth $525,042,000 after purchasing an additional 5,036,716 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Manulife Financial by 0.5% during the second quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider’s stock worth $393,592,000 after purchasing an additional 75,244 shares during the period. 52.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. TD Securities upped their price objective on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Barclays initiated coverage on shares of Manulife Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating for the company. Finally, Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $35.67.

Manulife Financial Stock Down 1.5 %

Shares of NYSE MFC opened at $30.04 on Tuesday. The firm has a 50-day moving average price of $28.36 and a 200 day moving average price of $26.44. Manulife Financial Co. has a 52 week low of $17.07 and a 52 week high of $30.86. The stock has a market capitalization of $53.76 billion, a price-to-earnings ratio of 17.47, a price-to-earnings-growth ratio of 1.09 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.27. The company had revenue of $9.41 billion during the quarter, compared to the consensus estimate of $8.95 billion. Manulife Financial had a net margin of 9.18% and a return on equity of 16.16%. During the same period last year, the firm earned $0.62 EPS. Equities research analysts expect that Manulife Financial Co. will post 2.73 EPS for the current fiscal year.

Manulife Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st were given a dividend of $0.29 per share. The ex-dividend date was Wednesday, August 21st. This represents a $1.16 dividend on an annualized basis and a yield of 3.86%. Manulife Financial’s payout ratio is 66.86%.

Manulife Financial Profile

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.