Park Avenue Securities LLC Has $503,000 Stake in Manulife Financial Co. (NYSE:MFC)

Park Avenue Securities LLC raised its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 36.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,021 shares of the financial services provider’s stock after buying an additional 4,581 shares during the quarter. Park Avenue Securities LLC’s holdings in Manulife Financial were worth $503,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of MFC. Grove Bank & Trust acquired a new position in Manulife Financial during the second quarter valued at approximately $25,000. Fortis Group Advisors LLC boosted its position in shares of Manulife Financial by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 1,210 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 605 shares in the last quarter. Bruce G. Allen Investments LLC grew its holdings in shares of Manulife Financial by 73.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 1,156 shares of the financial services provider’s stock valued at $29,000 after buying an additional 490 shares during the period. Addison Advisors LLC increased its position in shares of Manulife Financial by 77.2% in the 2nd quarter. Addison Advisors LLC now owns 1,072 shares of the financial services provider’s stock valued at $29,000 after buying an additional 467 shares in the last quarter. Finally, HHM Wealth Advisors LLC raised its stake in Manulife Financial by 119.0% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,104 shares of the financial services provider’s stock worth $29,000 after buying an additional 600 shares during the period. 52.56% of the stock is owned by institutional investors.

Manulife Financial Price Performance

MFC stock opened at $30.40 on Friday. The stock has a market capitalization of $53.46 billion, a P/E ratio of 17.57, a P/E/G ratio of 1.09 and a beta of 1.08. Manulife Financial Co. has a fifty-two week low of $17.07 and a fifty-two week high of $30.52. The business has a 50-day moving average of $27.66 and a 200-day moving average of $26.18.

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

Manulife Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, August 21st were paid a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $1.16 annualized dividend and a yield of 3.82%. Manulife Financial’s payout ratio is currently 67.05%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Barclays began coverage on Manulife Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating for the company. TD Securities boosted their price objective on Manulife Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $35.67.

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.