Bridges Investment Management Inc. Makes New Investment in Manulife Financial Co. (NYSE:MFC)

Bridges Investment Management Inc. purchased a new stake in Manulife Financial Co. (NYSE:MFC) (TSE:MFC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 16,164 shares of the financial services provider’s stock, valued at approximately $430,000.

Other large investors have also made changes to their positions in the company. Benjamin Edwards Inc. grew its stake in Manulife Financial by 11.3% in the second quarter. Benjamin Edwards Inc. now owns 40,230 shares of the financial services provider’s stock valued at $1,071,000 after acquiring an additional 4,085 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Manulife Financial by 4.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 66,649 shares of the financial services provider’s stock valued at $1,774,000 after purchasing an additional 2,665 shares in the last quarter. Intech Investment Management LLC grew its position in shares of Manulife Financial by 37.6% in the 2nd quarter. Intech Investment Management LLC now owns 93,872 shares of the financial services provider’s stock valued at $2,499,000 after purchasing an additional 25,661 shares during the period. Mark Sheptoff Financial Planning LLC bought a new stake in Manulife Financial during the 2nd quarter worth approximately $80,000. Finally, WCG Wealth Advisors LLC raised its holdings in Manulife Financial by 51.9% during the 2nd quarter. WCG Wealth Advisors LLC now owns 27,561 shares of the financial services provider’s stock worth $734,000 after buying an additional 9,414 shares during the period. Institutional investors own 52.56% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MFC shares. Dbs Bank upgraded shares of Manulife Financial to a “strong-buy” rating in a report on Thursday, August 8th. TD Securities upped their target price on shares of Manulife Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Finally, Barclays assumed coverage on Manulife Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating on the stock. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Manulife Financial presently has an average rating of “Moderate Buy” and an average target price of $35.67.

Manulife Financial Trading Down 0.3 %

Shares of MFC opened at $28.77 on Friday. The stock has a market capitalization of $51.49 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 1.02 and a beta of 1.08. Manulife Financial Co. has a 12 month low of $17.07 and a 12 month high of $28.97. The firm has a fifty day simple moving average of $26.59 and a 200 day simple moving average of $25.61.

Manulife Financial (NYSE:MFC) (TSE:MFC) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $0.91 EPS for the quarter, topping 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 in the prior year, the business posted $0.62 EPS. As a group, research analysts predict that Manulife Financial Co. will post 2.72 earnings per share for the current fiscal year.

Manulife Financial Dividend Announcement

The business also recently declared 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. This represents a $1.16 annualized dividend and a dividend yield of 4.03%. The ex-dividend date was Wednesday, August 21st. Manulife Financial’s dividend payout ratio (DPR) 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.