Gulf International Bank UK Ltd Sells 6,460 Shares of Manulife Financial Co. (NYSE:MFC)

Gulf International Bank UK Ltd cut its stake in shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) by 54.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,422 shares of the financial services provider’s stock after selling 6,460 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Manulife Financial were worth $160,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Manulife Financial by 1,210.7% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,161,059 shares of the financial services provider’s stock worth $30,922,000 after buying an additional 1,072,474 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of Manulife Financial by 2,913.7% in the 1st quarter. Bessemer Group Inc. now owns 86,615 shares of the financial services provider’s stock worth $2,163,000 after acquiring an additional 83,741 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Manulife Financial by 0.5% in the 2nd quarter. Legal & General Group Plc now owns 14,783,400 shares of the financial services provider’s stock valued at $393,592,000 after purchasing an additional 75,244 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Manulife Financial by 1.0% during 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 purchasing an additional 727,764 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new position in Manulife Financial in the 1st quarter worth $1,705,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Wall Street Analyst Weigh In

MFC has been the topic of a number of recent research reports. Barclays assumed coverage on Manulife Financial in a research note on Thursday, September 5th. They set an “equal weight” rating on the stock. Dbs Bank raised Manulife Financial to a “strong-buy” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $35.67.

Manulife Financial Price Performance

MFC opened at $31.79 on Friday. Manulife Financial Co. has a one year low of $18.42 and a one year high of $32.94. The business has a 50 day simple moving average of $29.39 and a two-hundred day simple moving average of $27.06. The firm has a market capitalization of $55.92 billion, a price-to-earnings ratio of 15.36, a PEG ratio of 1.14 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 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 16.26% and a net margin of 9.79%. During the same quarter in the prior year, the company earned $0.69 earnings per share. As a group, sell-side analysts expect that Manulife Financial Co. will post 2.74 EPS for the current fiscal year.

Manulife Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, November 20th will be paid a dividend of $0.296 per share. This is a positive change from Manulife Financial’s previous quarterly dividend of $0.29. The ex-dividend date is Wednesday, November 20th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.72%. Manulife Financial’s payout ratio is presently 57.00%.

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.