Thrivent Financial for Lutherans Sells 1,635 Shares of Manulife Financial Co. (NYSE:MFC)

Thrivent Financial for Lutherans lessened its position in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 0.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 183,202 shares of the financial services provider’s stock after selling 1,635 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Manulife Financial were worth $5,413,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Grove Bank & Trust bought a new position in Manulife Financial in the 2nd quarter valued at $25,000. West Financial Advisors LLC bought a new position in shares of Manulife Financial in the third quarter worth about $26,000. Addison Advisors LLC increased its stake in Manulife Financial by 77.2% in the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock worth $29,000 after buying an additional 467 shares during the period. HHM Wealth Advisors LLC boosted its position in Manulife Financial by 119.0% in the 2nd quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock valued at $29,000 after buying an additional 600 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in Manulife Financial in the 3rd quarter worth about $30,000. 52.56% of the stock is owned by hedge funds and other institutional investors.

Manulife Financial Stock Performance

Shares of Manulife Financial stock opened at $32.47 on Friday. The company has a 50-day simple moving average of $30.38 and a two-hundred day simple moving average of $27.70. Manulife Financial Co. has a one year low of $19.13 and a one year high of $33.07. The company has a market capitalization of $56.88 billion, a PE ratio of 15.69, a P/E/G ratio of 1.19 and a beta of 1.08.

Manulife Financial (NYSE:MFC) (TSE:MFC) last announced its earnings results on Wednesday, November 6th. The financial services provider reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.30. The company had revenue of $10.69 billion during the quarter, compared to the consensus estimate of $9.73 billion. Manulife Financial had a net margin of 9.79% and a return on equity of 16.11%. During the same period last year, the firm earned $0.69 earnings per share. On average, equities analysts predict that Manulife Financial Co. will post 2.74 earnings per share for the current fiscal year.

Manulife Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Wednesday, November 20th will be paid a dividend of $0.296 per share. This represents a $1.18 annualized dividend and a yield of 3.65%. This is an increase from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Wednesday, November 20th. Manulife Financial’s payout ratio is 57.00%.

Analysts Set New Price Targets

MFC has been the subject of several research reports. Dbs Bank upgraded Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. Barclays initiated coverage on shares of Manulife Financial in a report on Thursday, September 5th. They set an “equal weight” rating on the stock. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $37.50.

About Manulife Financial

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.